IXIC: Nasdaq Composite Charts New Record After 1.2% Pump Led by Alphabet

As the tech-heavy index charted record levels, the Dow fell for the eighth session in a row, largely pulled down by UnitedHealth’s stock.

• The Nasdaq Composite index IXIC charted fresh record territory on Monday as investors pumped the tech index higher by 1.2%. Behind the rally was one specific stock, which has recently made headlines with its unfathomably fast quantum chip. And has casually thrown in the idea that we may actually be living in a multiverse — Google parent Alphabet GOOGL, which yesterday scaled to new record closing high of $196.66 a share.
• The tech-heavy index reached the milestone of 20,173.89 points, surpassing its previous all-time high set last week. As it knocked out the record, the Dow Jones Industrial Average slipped under the flatline for the eighth straight session. The divergence where the Nasdaq hits a record and the Dow falls for the eighth time has never been seen since the Nasdaq started trading in 1971.
• The session marked the Dow’s worst losing streak since mid-2018 and the underlying reason for that drop appears to be UnitedHealth Group UNH. The health insurer’s stock is down 18% this month and has washed out more than 650 points from the 30-stock Dow. UnitedHealth’s slide began after its CEO was shot to his death on Dec. 4. The incident sparked social unrest and ignited a debate over health insurance practices.