The Nasdaq Composite last hit 5,000 during the tech bubble peak in March 2000. The index tumbled in the months following to land at 1,108.49 in October 2002. The Nasdaq has only closed above 5,000 twice, once on March 9, 2000, and once on March 10, 2000. The Dow Jones industrial average also rose more than 100 points to set a new intraday record of 18,260.31 following mostly encouraging U.S. economic reports.
The government reported Monday that consumer spending dipped slightly in January, but there was better news elsewhere in the report. Overall income edged up and consumer spending actually rose when adjusted for inflation, reflecting a slide in gas prices during the month. That could turn out to be a good sign for economic growth, as people have more money left over after filling up their gas tanks.