>> It took a while for the NASDAQ to catch up to the rest of Wall Street, but on Tuesday, the tech-heavy NASDAQ finally did it. I'm Connily Gittens at the NASDAQ marketsite in New York. Powered by Wall Street's love affair with Amazon and Facebook, along with a healthy dose of affection for biotech stocks, the NASDAQ hitting a record high for the first time in a year.
And the NASDAQ had company. The broader S&P 500 climbing to historic heights for the fourth time this month, and the DOW not straying far from it's record peak set in July. When it comes to large CAP tech specifically, with quarterly results from many of the big names out of the way.
Investors are less worried that growth isn't strong enough to support higher stock prices. Since the NASDAQ's last record, shares of Amazon, which is now the dominant force in retailing, soaring almost 60%. While Facebook, the go to place for all online advertisers, gaining about 30%, and Charter Communications is not too far behind, with a roughly 25% rise.
The cable tv and broadband service provider posting results Tuesday would suggest the so called cord cutting phenomenon may be slowing. Despite the records, analysts say some investors are holding back on their enthusiasm. Waiting for a consistent string of strong economic data to convince them that better days are ahead for other parts of the economy, not just technology