(CNBC) — U.S. stocks gained on Monday, with the Nasdaq above the psychologically important level of 5,000 and the Dow reaching a new intraday record as investors cheered U.S. economic data and an interest rate cut in China.
"We've got economic data that continues to move things forward. I would mach rather see 5,000 on improving economic data than the (conditions we had in March 2000)," said Art Hogan, chief market strategist at Wunderlich Securities.
The Nasdaq Composite last hit 5,000 during the tech bubble peak in March 2000. The index tumbled in the months following to land at 1,108.49 in October 2002.
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