Nasdaq hits record high as U.S. economy shows signs of rebound
Reuters
Published Jun 05, 2020 01:45PM ET
Updated Jun 05, 2020 02:25PM ET
(Reuters) - The Nasdaq Composite (IXIC) on Friday became the first of the three major U.S. stock indexes to bounce back to a record high, recovering from a stunning coronavirus-led slump on growing hopes of a swift economic rebound.
Wall Street has surged following a crash into bear territory in March as investors bet on a revival in business activity with the easing of a nationwide lockdown imposed to contain the coronavirus.
Data on Friday showed a surprise rise in U.S. jobs in May, offering the clearest signal yet the downturn triggered by the COVID-19 pandemic was probably over, although the road to recovery could still be long.
The benchmark S&P 500 (SPX) is now less than 1% down on the year after crashing more than 32% from that level by late March, and is about 6% below its record high. The blue-chip Dow Jones index (DJI) is about 8% below its own all-time high.
The smaller Nasdaq 100 index (NDX) hit a record high on Thursday, partly powered by tech-related names including Amazon.com Inc (O:AMZN), Netflix Inc (O:NFLX), Alphabet Inc (O:GOOGL) and Apple Inc (O:AAPL).
Closing at a record high, according to a widely accepted definition, would confirm that the Nasdaq Composite has been in a new bull market since its pandemic low on March 23.
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Written By: Reuters
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