The continued decline in the number of listed companies means the US market, which accounts for 53 per cent of global stock market capitalisation, is changing. With private markets so buoyant, companies may continue to see public markets as a hassle they can do without. Instead of raising money to grow, companies are using the stock market to return cash to shareholders. 'Major consequences'The shrinking stock market has "major consequences" for ordinary investors. Looking at 13 other developed markets, Mauboussin found that the number of public companies has risen by about 50 per cent since 1996.
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The Nasdaq Composite Index in early Tuesday trade hit a major milestone: surpassing Nasdaq 6,000. Markets also are anticipating news on corporate tax reform after Trump said a plan to cut corporate taxes to 15% would be revealed on Wednesday. Even though, enthusiasm over equities had eased somewhat since the November election, the Nasdaq has been relatively steady among its equity-benchmarks peers. The Nasdaq Composite COMP, +0.61% touched at an intraday record of 6,022, up 0.7%, Tuesday morning in New York. In fact, Wall Street took 15 years to recover, with the index not returning to the 5,000 level again until March 2015.
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Nasdaq hits milestone as stock market rallies on upbeat earnings
In addition to the Dow stocks, results from Biogen Inc. BIIB, +4.79% lifted the biotech firm by 5%. 3M Co. MMM, +0.29% facebook/" target="_blank">shares were off 0.9% after earnings results. The Nasdaq Composite Index COMP, +0.61% rose 33 points, or 0.5%, to 6,022, trading in record territory, and surpassing a psychologically important milestone of 6,000. Caterpillar Inc. CAT, +6.24% lifted its full-year revenue outlook and reported better-than-expected results, sending shares up nearly 7%. U.S. stocks rallied Tuesday, with the Dow jumping by triple-digits in early trade and the Nasdaq hitting a milestone, as stock-market optimism accelerated on upbeat earnings and the possibility of tax reform.The Nasdaq Composite Index in early Tuesday trade hit a major milestone: surpassing Nasdaq 6,000. Markets also are anticipating news on corporate tax reform after Trump said a plan to cut corporate taxes to 15% would be revealed on Wednesday. Even though, enthusiasm over equities had eased somewhat since the November election, the Nasdaq has been relatively steady among its equity-benchmarks peers. The Nasdaq Composite COMP, +0.61% touched at an intraday record of 6,022, up 0.7%, Tuesday morning in New York. In fact, Wall Street took 15 years to recover, with the index not returning to the 5,000 level again until March 2015.
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collected by :Jack Luxor
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