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Nasdaq hits record high as U.S. economy shows signs of rebound

Published 05/06/2020, 18:27
Updated 05/06/2020, 18:30
© Reuters.
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June 5 (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 AMZN.O , Netflix Inc NFLX.O , Alphabet Inc
GOOGL.O and Apple Inc AAPL.O .
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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