Nasdaq Crosses 5000Aired March 7, 2000 - 9:50 a.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: A Financial milestone many thought would never be reached has just been reached. The Nasdaq has just crossed 5000.
Let's join the coverage of our sister network CNNfn.
(JOINED IN PROGRESS)
SASHA SALAMA, CNN CORRESPONDENT: ... but don't forget, folks, market internals here are very strong. Advancers are over decliners by a two to one margin. So that does bode well, although the trading day is still young, is not even a half an hour old yet.
The Nasdaq, as I mentioned, up 85 percent last year, scoring the biggest advance of any market in U.S. history. The last time that the Nasdaq crossed a major milestone was just over two months ago, December 29 was when it close above 4000 for the first time, and that was quite surprise to many analysts because it just closed above 3000, November 3.
So within two months, the Nasdaq has gone from closing above 3000 to closing above -- excuse me, to breaking through 5000, which is what we are seeing today for the first time ever.
Now, what has been driving this incredible rally that we've seen in the Nasdaq? Lots of sectors, first of all, chip stocks, computer chips have been red hot; computer chip equipment stocks also shave been big gainers; anything having to do with broadband, you may have heard this term thrown around quite a bit. Broadband refers to sending any combination of voice, video and data at high speeds over either the cable lines or the Internet. And broadband has had a red- hot run in the Nasdaq, particularly telecom stocks have been especially hot.
We are also seeing biotechs at the forefront of the gainers for the Nasdaq so far this year. Biotechs, particularly stocks that are known as the genetic stocks, stocks involved with gene development have been extremely hot as well.
So on this historic day, Nasdaq breaking through 5000 for the first time. Let's go right to the source, Patricia Sagba standing by at the Nasdaq with some details on what is going on -- Patricia.
PATRICIA SAGBA, CNN CORRESPONDENT: Well, that's right, Sasha, we just a few minutes ago broke over that 5000 marker. Right now, we are up 98 points at 5002. We crossed over 5000, slipped back down, now we are there again. Of course, the big question is going to be, we have seen this with 3000 and we have seen this with the 4000 mark. We see the Nasdaq composite index stumbling toward those numbers. They can cross intraday. The big question is: Will it close over 5000?
So this is now going to be the question mark that is going to hover over this session.
Now let's take a look at some of the big volume movers today that we have moving. We have 3Com, over 4 million shares changing hands so far today, 3Com up 1 9/16. We have Priceline.com, a lot of volume in this stock today too, over three millions shares changing hands. Priceline up more than four. And of course, Priceline is having its first analyst meeting today. Yesterday, this stock jumped more than 20 percent on bullish analyst comments and comments from the company's CEO saying that they were going to beat their original first-quarter revenue targets.
we also have shares of Oracle, a lot of activity in this, almost three million shares changing hands, up about three.
Dell Computer, a lot of activity, 2.6 million shares changing hands. That's off about a half.
But once again, the Nasdaq composite index up 96 points at 5001. The big question mark: Will it close over 5000? Sasha.
SALAMA: The big question mark, indeed. Thank you. Patricia. And thank you Christine Calleys (ph), who has been standing by at Credit Suisse First Boston in New York.
HARRIS: And our thanks there to Sasha Salama from our sister network CNNfn, covering there the breakthrough of the Nasdaq through the 5000 mark. And only two months ago, it broke through the 4000 mark. Nasdaq going shy high.
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