Nasdaq Briefly Remembers The Good Times, Decides To Hold Off On Celebrations

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Unlike the Dow or the S&P, the Nasdaq Composite Index isn't going to break any records this year. That will have to wait until next year, and that is assuming that the Nasdaq can do next year what it's done this year, which is beat both the Dow and S&P and return 30%-plus.

Given said 30%-plus return this year (32.92% and counting), and given all the hoopla that surrounded the other indices' record-setting ways, it would have been very nice, at least, for the Nasdaq to settle at or above a nice, round number, one that it hasn't seen in 13 years. Well, that, too, will have to wait for another day.

Stocks tipped lower ahead of the close, with the Nasdaq Composite Index paring its gains after breaching 4000 for the first time in 13 years….

The Nasdaq Composite Index rose as high as 4007 in early trading, but gave up most of those gains and was recently up a point at 3993….

Despite the recent gains, though, the Nasdaq at 4000 would be 21% below its all-time high. The Nasdaq index peaked at 5048.62 on March 10, 2000.

On Friday, the Dow rose 55 points, or 0.3%, to a sixth record close in eight sessions. The Dow also posted a seventh-straight weekly gain, the longest such stretch since January 2011.

On Friday, the S&P 500 closed above 1800 for the first time, posting its 37th record high close of the year.

At least one person doesn't want to be seen hanging around such a loser.

Eric Noll, executive vice president of transaction services at Nasdaq OMX Group Inc., has resigned from the market operator, Nasdaq announced Monday.

He accepted an offer to become president of ConvergEx Group, a New York-based brokerage company that provides services to institutional investors, Nasdaq and ConvergEx said in separate statements….

Mr. Noll was seen as the top internal contender to take over Nasdaq, the No. 2 exchange, if Chief Executive Robert Greifeld were to step down.

Stocks Edge Lower, But Nasdaq Near 4000 [WSJ]
Eric Noll, Contender for Top Spot, to Leave Nasdaq OMX [WSJ]

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