Tech Stocks Rally Ten Years After Topping Out
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Tech stocks marked the tenth anniversary of the bursting of the dot-com bubble with a rally, led higher by chip stocks.
10 years after touching an all-time intraday high of 5132.52, the Nasdaq added a little less than 1 percent to 2358.95, still 54 percent below its peak.
Amazon.com (NASDAQ: AMZN) has more than doubled in the last decade, while eBay (NASDAQ: EBAY) shares have been flat and Yahoo (NASDAQ: YHOO) has lost three-quarters of its value.
Cisco (NASDAQ: CSCO), Microsoft (NASDAQ: MSFT) and Intel (NASDAQ: INTC) also remain well below their 2000 levels, but Apple (NASDAQ: AAPL) has been a standout in the last decade, up more than 500 percent.
Chip stocks were strong today, with Micron (NYSE: MU), Broadcom (NASDAQ: BRCM) and AMD (NYSE: AMD) among the sector's stronger names.
Analysts from Raymond James and JMP securities upgraded Micron today, citing strong demand for memory chips.
Google (NASDAQ: GOOG) gained 3 percent after the company said it expects to conclude talks soon with the Chinese government on its business plans there.