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Nasdaq hits 9,000 points for the first time

Posted at 2:50 PM, Dec 26, 2019
and last updated 2019-12-26 14:50:24-05

The Nasdaq Composite index crossed the key level of 9,000 points for the first time on Thursday.

The tech-heavy index has been on its longest winning streak in more than two years, and is on track for its tenth straight record closing high. The Nasdaq rose 0.7% Thursday and has gained more than 35%, putting it on track to make 2019 its best year since 2013.

Amazon was the most traded stock in the index. Shares of the online retailer rose some 4% after the company said it had its best holiday season on record.

Stocks were up across the board as investors were coming back from the Christmas holiday, when markets were closed. The Dow climbed some 60 points, or 0.2%, and the S&P 500 was up 0.4%.

Both the Dow and the S&P are on track for a historic closing high.

Despite the records, it is a quiet day on Wall Street, and European exchanges are closed for Boxing Day. Over the holiday period, trading volume and activity slows down, which can exaggerate stock market moves.

In the commodities space, US oil prices climbed to a three-month high. Prices rose to as much as $61.83 per barrel — a level not seen since September.

Optimism about trade pushed prices up and helps the outlook for global economic growth — and with it demand for oil.