NASDAQ index bucks losing trend, logs new closing record high

NASDAQ Index - Investors Mart

NASDAQ index left its counterparts behind on Thursday session as it bucked the losing trend brought up by series of dives from financial and retail companies to close at a fresh record finish.

Lone Bright Spot

The NASDAQ index was the lone bright spot in Wall Street as its two counterparts, the Dow Jones industrial average and the S&P 500, fell 0.2% and 0.1% respectively with shares from major bank entities including the Citigroup and Fifth Third Bancorp dropped 1.7% and 2.8% while the departments stores Macy’s and Kohl’s slumped 13.9% and 19% correspondingly.

But the tech-based benchmark have had enough support from Amazon.com to notch another record high after gaining 10.93 points, or 0.2% at 5478.94, following it December 27 record close of 5477.01.

The online retailer, Amazonn.com, posted a huge 3.07% daily gain, showing that it has been successful in driving away customers from department stores and it had a strong holiday sales last week.

The NASDAQ index started a bit slow on Thursday session, opening 0.05% lower, but was able to track the positive territory just three minutes after despite having a volume of 423 million shares below the 455 million shares trading in the previous day.

The sag in the broader stock market was also affected by the solid but unimpressive job data released by the ADP and as investors took necessary cautions before the inauguration of President-elect Donald Trump in the White House.

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