(ABC 6 NEWS) — An impressive day on Wall Street as the Nasdaq reached 3,000 points early in the day. That hasn’t happened in more than a decade.
“This is the first trading day of the year we opened at 2,657 and as you can see with this graph a steady climb upward,” said Troy Emeott of Scottrade.
He’s feeling the effects of stock market gains.
“Since the start of the year we’ve seen a pick up of deposits, transfers, new accounts and that’s just locally here. Nationally we’ve seen our trading going up and its been more buying than selling,” said Emeott.
Wednesday was no exception when the Nasdaq briefly reached 3,000 points.
“The last time it was this high was in 2001,” said Emeott.
All good signs, he said, of a growing economy. Amidst news of gas prices at an all-time high for February and many Americans still without work.
“It going up like this it makes sense if we look at what composes the Nasdaq which is mainly technological companies,” said Charley Martinson, an instructor at Minnesota School of Business.
But he said he’s taking Wednesday’s news with caution because the stock market can’t stay high forever.
“I’m concerned about it coming down,” he said.
He concentrating on a more positive economic sign in downtown Rochester.
“There’s a lot of companies coming to town, that’s what encourages me locally,” said Martinson.
As for the stock market…the big question is how long will it stay this high? Anyone’s guess is good as the rest.
While many say its good news of the Nasdaq jump, overall stocks fell Wednesday.
The Nasdaq , Dow and S&P all saw about half-a-percent losses.