The Nasdaq Composite breached 6,000 yesterday as investors piled into technology and smaller companies with strong growth prospects amid concerns that Donald Trump will be unable to spark inflation through tax cuts and big public spending plans.
The rally, which extended the tech-heavy benchmark’s double-digit gain for the year, also saw the Russell 2000 index of small capitalisation stocks hit an all-time peak.
Until this month, Wall Street’s post-election rise has been driven by “Trumpflation” expectations that a Republican-controlled Washington would usher in a sweeping pro-business programme including deregulation, tax cuts and a $1tn infrastructure plan.
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