The Nasdaq notches a new milestone amid few signs of slowing. Chris Dignam reports.
6000 points Tuesday, a major milestone for the tech-heavy index that took a tumultuous 17 years for it to reach after notching 5000 at the height of the tech bubble. Reuters Editor and veteran tech reporter Jonathan Weber remembers covering the burst. SOUNDBITE: JONATHAN WEBER, GLOBAL TECsystem.scripts.HNOLOGY EDITOR, REUTERS, (ENGLISH) SAYING: "In that period you had a tremendous investor frenzy, including retail investors trying to get into the next big thing, and driving these stocks up to prices that really - even at the time - were viewed as unsustainable. In fact, there was a very dramatic bursting of the bubble. The market plummeted and so it took a very very long time for the Nasdaq to kind of recover to where it had been, even in 2000. But now, you have companies like Google and Facebook and Amazon with market caps 4 or 5 or 600 billion dollar market caps. They're extraordinarily profitable companies. So, I think, it's a much more kind of solid foundation really for the high stock prices." Google, Amazon and Microsoft all reporting earnings on Thursday in a busy earnings week. And Weber says the growth at these massive companies shows no signs of slowing. The Nasdaq is up roughly 12 percent so far this year, and the results reported over the next two weeks will likely determine whether tech stocks can continue their climb higher.