Nasdaq hits 6,000 as markets rise on optimism

Propelled by the skyrocketing returns of large technology stocks, the Nasdaq composite index pushed past the 6,000 level for the first time in its history.

The sharp move was driven by a confluence of positive news developments, including a market-friendly outcome in the first round of France’s presidential election over the weekend and reports that President Donald Trump will put forward a plan to slash corporate taxes to 15 percent.

For the day, the Nasdaq closed at 6,025.49, up 0.7 percent for the day.

Driving that performance has been the persistent run-up in stocks such as Apple, Facebook, Google and Amazon, which together now comprise about a third of the index, as measured by QQQ , the $43 billion exchange traded fund that tracks Nasdaq stocks.

Apple, Amazon and Facebook are up over 20 percent for the year, with Google having increased by 12 percent.

The Dow closed at 20,996.12, up 232.23 points, or 1.12 percent, while the broader S&P 500 ended at 2,388.61, up 14.46 points, or 0.61 percent.