The Nasdaq Composite continued its record breaking streak on Monday, striking a new lifetime high in midday trading, as a strong start to the earnings season for technology stocks buoyed enthusiasm for the sector.
The tech-heavy benchmark climbed as much as 0.7 per cent to 6,089.67, setting a new record just less than a week after it breached the 6,000 mark for the first time ever.
Monday’s rally also marks the sixth consecutive session in which the Nasdaq has set a new intraday high.
A renewed appetite for technology stocks and a rally in the so-called “Fangs” — Facebook, Amazon, Netflix and Google-parent Alphabet — have powered a 13 per cent gain for the Nasdaq so far this year, well ahead of the S&P 500’s rise of 6.8 per cent.
Shares in Amazon and Alphabet have each risen 3 per cent and 4.5 per cent since Thursday – adding the equivalent of $13.7bn and $11.6bn to their respective market values – after the two internet companies reported stronger than expected revenue growth and healthier margins.
Apple and Facebook, both of which are due to report their first quarter results later this week, are up 2.1 per cent and 1.2 per cent on Monday.