S&P 500 Index: Performance outstripped by NASDAQ’s due to large tech stocks – CNBC’s Cramer
CNBC's ‘Mad Money’ host and a former hedge fund manager Jim Cramer noted late Tuesday, the latest moves on the US indices have been crazy and the performance on the NASDAQ has outpaced the S&P 500’s.
Key quotes
“it’s time to admit that these moves are crazy” after large gains by some of the market’s biggest tech stocks pushed the Nasdaq Composite to another record high the previous day.
“Insanity does not mean it’s over. Insanity just means can we please just stop comparing it to 1999, because in 1999 a lot of really bad companies gained a lot of market cap. Here, a lot of unbelievably great companies are gaining market cap at a pace that you’ve got to give them a speeding ticket.”
Amazon, Tesla, Nvidia and Microsoft were “trading like a small cap.”
“All four of those stocks have outpaced the market this year, ranging from a 34% gain for Microsoft to a nearly 300% surge for the electric car company.”
“The performance of these names has propelled the Nasdaq well beyond the S&P 500 this year. “
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