NEW YORK — The Nasdaq composite index briefly broke through 3,000 on Wednesday for the first time since the collapse in dot-com stocks more than a decade ago. Stocks ended lower, but it was still the best February on Wall Street in 14 years.
The milestone for the Nasdaq, heavy with technology stocks, came a day after the Dow Jones industrial average closed above 13,000 for the first time since May 2008.
Apple, the Nasdaq’s biggest component, topped $500 billion in market value, the only company above the half-trillion mark and only the sixth in U.S. corporate history to grow so big. Apple might reveal its next iPad model next week.
“We have a bit of investor nosebleed,” said Bruce McCain, chief investment strategist at the private-banking unit of KeyCorp in Cleveland. “There are still things to worry about. With the absence of more stimulus, that would lead us to question: What’s there to move us out of some of that? In addition, we’ve had a big run-up in stocks. No trees grow to the sky.”
The Nasdaq last hit 3,000 on Dec. 13, 2000. Its last close above 3,000 was two days earlier. It was only above 3,000 for seconds Wednesday before closing down 19.87 points at 2,966.89.
The Dow lost 53.05 to close at 12,952.07. The Standard & Poor’s 500 index fell 6.50 points to close at 1,365.68.
For the month, the Dow gained 2.5 percent, the S&P 4.1 percent and the Nasdaq 5.4 percent. The last time the stock market had such a strong February was in 1998, when the S&P gained 7 percent.
Stocks opened higher after the government said the economy grew faster at the end of last year than previously estimated — a 3 percent annual rate, the best reading since the spring of 2010.
Stocks fell sharply after about an hour, then recovered by mid-afternoon, after the Federal Reserve’s survey of regional economic conditions said the economy strengthened in the first six weeks of the year.
They had turned negative around 10 a.m., after Federal Reserve Chairman Ben Bernanke testified on Capitol Hill that the economy has performed better than expected in recent months. He said gas prices will add to inflation and unemployment is falling faster than expected.
