Tech Stocks Lift Nasdaq to New High

By Sushuma March 1, 2000 12:03 PM

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(CNNfn)-Technology stocks soared at midday Wednesday, pushing the Nasdaq composite index into record territory, as money chased the chip makers, online brokers and computer manufactures expected to grow revenue and earnings at a fast clip. But the Dow Jones industrial average, home to many so-called old economy stocks, was little changed, as gains in Intel, IBM and Microsoft were offset by losses in financials. Just before 11:30 a.m. ET, the Nasdaq jumped 70.43 points, or nearly 1.5 percent, to 4,766.31, a day after surging to its twelfth record close of the year. Chip makers, online brokers and computer manufactures have lifted the Nasdaq 15.42 percent this year as of Tuesday's close. "I think it's just more of the same," said Barry Hyman, chief market strategist at Ehrenkrantz King Nussbaum. "The Nasdaq is quickly approaching 5,000 and it's hard to divert money back to traditional stocks when the opportunities are so phenomenal in the new world economy."

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Posted by Acheron (denny@dtheatre.com) on March 1, 2000 10:22 AM

Yeah, the Nasdaq is doing great now, but when the hot commodity tech stocks start to cool off, the Nasdaq could be in a world of hurt. For all of you techie investors out there...it's all about diversification.