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Tech sector finally gets back to where it was in the bubble —17 years ago

Key Points
  • The S&P information technology sector grouping closed above $992 on Wednesday.
  • That's above the $988.49 dotcom bubble high from March 27, 2000.
  • The constituents of that group have changed considerably over the years.
  • The S&P 500 and Nasdaq also hit fresh all-time highs on Wednesday.
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The man who called the June selloff in tech now sees this for the sector

One measure of technology stocks is now higher than during the dotcom boom.

The S&P information technology sector grouping closed above $992 on Wednesday, smashing through the $988.49 dotcom bubble high from March 27, 2000, 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 traded at highs not seen since their IPOs, and Priceline shares were also at an all-time intraday high.

S&P Tech BALAKRISHNAN 170719 EC