One measure of technology stocks is now higher than during the dotcom boom.
The S&P information technology sector grouping broke above $990 on Wednesday. If it closes above $988.49, it would exceed its March 27, 2000, levels, according to FactSet.
The constituents of that group have changed considerably since then: Facebook for instance, wasn’t even around in 2000. And the technology sector SPDR ETF, a slightly different grouping that includes some telecom companies with the ticker “XLK,” was only around $57 on Wednesday, well below dotcom-boom highs of $65.44.
Still, it marks a milestone in the growing dominance of technology companies in the stock market, as companies like Apple, Alphabet and Microsoft have grown more valuable than most other public companies around the world.
The S&P 500 and Nasdaq also hit fresh all-time highs on Wednesday. Shares of Amazon.com, Microsoft, Facebook and Adobe were trading at highs not seen since their IPOs.
Tech stocks are about to finally wipe out their losses from the dotcom bubble—17 years later