Nasdaq clocks longest monthly winning streak in nearly 4 years

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The Nasdaq Composite, which earlier this week breached the 6,000 level for the first time, clocked its sixth consecutive monthly gain on Friday — the longest winning streak since 2013.

The Nasdaq Composite climbed 2.3 per cent over the month to finish at 6,047.61 and is up 7.7 per cent so far this year. That is its longest streak of monthly gains since a rally that began in November 2012 and ended in May the following year.

The tech-heavy index has rallied this year as investors have sought companies with strong growth prospects amid concerns that President Donald Trump would be unable to deliver inflation through stimulus and tax reform measures. A strong advance in the Fangs — Facebook, Amazon, Netflix and Google — has also helped lift the benchmark index.

Meanwhile, the S&P 500 clocked a more modest 0.9 per cent advance over the month to 2,384.20 while the Dow Jones Industrial Average advanced 1.3 per cent over the same period.

Oil had a rougher time this month, however, on concerns that rising US output could undercut production cuts from Opec and other non-members like Russia.

Brent crude, the global oil benchmark, fell 2.1 per cent to $51.73 a barrel. That marked Brent’s fourth consecutive monthly loss — its longest losing streak since December 2015. West Texas Intermediate, its US counterpart, fell 2.5 per cent over the month to $49.33 a barrel — its second back-to-back fall since last year.

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