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Nasdaq 100 grinds out another record close

Yesterday it was not all plain sailing for the Tech sector and the Nasdaq 100 index. For a good deal of the session the index tried to push lower, after reopening at a record level of 19,904. That said, the pullback was pretty shallow, with the low set at 19,837. The high on the day was set at 19,940 which was below the highs seen on Monday, when the index topped out at a new record high of 19,977. Now one reason why the index might have struggled seemed to rest with some long-term holders of NVIDIA banking profits on some of their holdings this week. Some analysts have questioned why those holders might have done that, whilst advocating yet more upside for the stock. Well, there is never anything wrong with banking gains, especially after such a meteoric rise, is there? Irrespective of that, NVDA still rose by 3.5% yesterday and that helped to steady the Nasdaq 100 by the close. The index managed to grind its way to a very modestly higher close last night, at 19,908 and it is worth remembering that was another record close too and the Nasdaq 100 futures are higher this morning. However, the index will not reopen later today due to the US Juneteenth Holiday later

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