Wall Street Loves Tech Again

Where have all the bears gone? (They can’t all be at Lake Tahoe!) The Nasdaq Composite Index passed 20,000 on Wednesday, up 1.8% on the day but 36% from where it started the year. As a benchmark, its November 2021 high—before the 2022 selloff—was 16,057. Among the individual standout stocks today was Tesla, which rose 6% to a new all-time high of $424.77. That’s up 69% since the election.

Of course, Elon Musk’s Trump-whisperer status makes Tesla a special situation. All things Musk have gained value since the election, including SpaceX.  But the recent stock rally has lifted many boats, both big and small. (For another perspective on the costs of this investor euphoria, check out this piece today.)