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Nasdaq 100 sets highest ever daily and weekly close

The Nasdaq 100 rose to set a new all time record high on Friday at 17,682. It later also posted a record daily and weekly close at 17,642. So, despite US yields rising that did not eclipse the fresh optimism for tech stocks and the US economy, following that much better than forecast US January jobs report. Granted some of that blowout payroll gain was due to adjustments from previous reports, but that in itself merely underscores the fact that the US economy is not showing any signs of labour market weakness and certainly nothing that would indicate a need for the Fed to cut rates in the neat future. The demand for major tech stocks has continued to underpin this record run for the Nasdaq, but at some point soon that might get over-stretched. Overnight the Nasdaq 100 futures have backed off slightly and right now pricing a reopening for later today, at around 17,600 
 

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