Nasdaq achieves 7,000
NEW YORK — Technology and health care companies jumped Tuesday as U.S. stocks started the new year the same way they spent the last one: rising steadily and setting records.
The Nasdaq composite busted through another milestone as it closed above 7,000 points.
Energy companies, which struggled in 2017, also climbed.
Asian markets rose after surveys in China and India showed continued manufacturing growth in the world’s most populous countries. U.S. stocks followed suit as investors snapped up shares of companies that should benefit from faster economic growth, including tech, health care and materials companies, just as they did last year.
The global economy should keep growing and businesses and consumers around the world will continue to spend more money, said Kate Warne, an investment strategist for Edward Jones. It helps that interest rates are low, and governments in areas that reduced their spending during the Great Recession are becoming more willing to spend.
The Nasdaq had its best opening day since 2013 as the big technology companies that dominated in 2017 got the new year off to a good start.
Drug and medical device companies led the health care sector higher.
Retailers also rose. That included Amazon, which added 1.7 percent to $1,189.01. Retailers that struggled last year, including big box and department stores, also fared well. Target rose 3.9 percent to $67.63, while Kohl’s picked up 3.9 percent to $56.35. Early indications suggest shoppers had a busy holiday season and investors will look for confirmation of those reports in the weeks to come.