BUBBLENOMICS: Nasdaq tops 10,000 as Powell Putsch floods Wall Street with cheap money

Well, it’s official: the Nasdaq Composite Index has positioned itself well above 10,000.

After briefly hitting an intraday record of 10,000 on Tuesday, the tech-heavy index climbed 0.5% to 10,006.49.

The Dow Jones Industrial Average has reclaimed 27,000, while the S&P 500 is close to wiping out all its losses in the coronacrisis.

Thanks, Federal Reserve. Finance and tech can always depend on you.

With the U.S. central bank pouring an unlimited amount of cheap money into Wall Street, this is the result you should be getting. So, it is not much of a surprise to see record highs in a pandemic.

It should be interesting what Fed Chair Jerome Powell says on Wednesday after the June Federal Open Market Committee (FOMC) policy meeting.

So, where is the Nasdaq headed next? Whatever happens, it is safe to say that the Jerome Powell Bubble supersedes the dot-com bubble.