Tech rally sends Nasdaq 100 to record high, with broader Nasdaq close behind

The Nasdaq 100 rallied to a record high on Thursday, supported as large-capitalization technology and internet stocks extended their massive year-to-date rally. The index which is heavily concentrated with major tech stocks, gained 1.4% in midday trading, hitting an intraday record of 7,347.07. Supporting the index was Microsoft Corp. which added 2.2%, and Alphabet Inc., the parent company of Google, which was up 2.3%. Tech shares rose broadly, with Apple Inc. advancing 1.6% and Facebook Inc. up 1.9%. Amazon Inc. which is classified in the consumer discretionary sector, rose 1.8%. The online retail giant has been the biggest boost to the index in 2018, having gained more than 50% thus far this year. According to Ben Carlson, a portfolio manager at Ritholtz Wealth Management, Amazon has by itself contributed 41% of the Nasdaq 100‘s 14.9% year-to-date return. The Dow Jones Industrial Average rose 0.9% on Thursday while the S&P 500 rose 0.7% and the Nasdaq Composite Index rose 1.1%, moving within 0.1% of a record of its own. At current levels, the Nasdaq is on track to close at a record.