Nasdaq Composite Tops 6000 for First Time

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The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.

The total market capitalization of the Nasdaq Composite stands at $9.6 trillion.

Meanwhile the totemic Dow Jones Industrial Average broke briefly back above the 21,000 mark as it gained more than one per cent on a second consecutive day of strong gains.

Biogen's shares jumped more than 4 percent after the biotech company reported better-than-expected quarterly profit and revenue on Tuesday. The Nasdaq is up more than 10% already this year.

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"If the economy is going to heat up, you want to be in an area that can keep up", said Robert Pavlik, chief market strategist and senior portfolio manager at Boston Private Wealth.

The S&P 500 index showed 80 52-week highs and three lows, while the Nasdaq recorded 194 highs and 36 lows.

Strong quarterly earnings from a bevy of Dow Jones companies and expectations of major US tax cuts underpinned the market's rally on Tuesday.

"Earnings are coming in better than expected and this is for a quarter where estimates were pretty tight". Biogen reported solid earnings for 2017's first quarter, with the help of a new drug that combats a rare infant disease. Other big names scheduled to release quarterly results this week include Boeing, Amazon, Alphabet, Microsoft and General Motors. That period of buzzy tech companies with dubious business models, exemplified by Pets.com, didn't end well for investors.

The index also has become more diverse, with technology firms now making up less than half of the index by market weight, versus about 65% in March 2000, according to Nasdaq Inc. Reaching 6,000 is a historic milestone for the Nasdaq.

Trump, who had promised to make "a big tax reform" announcement on Wednesday, has directed his aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday.

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