TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
(Corrects start date and percent gain of bull market in
paragraph 2)
NEW YORK, March 8 (Reuters) - The Nasdaq's .IXIC retreat
from its all-time highs last month is now officially considered
a correction in a bull market.
The tech-heavy index on Monday closed down 2.22% unofficially
at 12,633.61, roughly 10.6% below the Feb. 12 record close at
14,095.47 and exceeding the 10% closing-basis threshold
considered by market professionals as confirmation of a
correction. The Nasdaq entered the latest bull market last March
and rose more than 105% from the pandemic low a year ago.
Market-leading tech and tech-adjacent megacap stocks, which
account for much of the Nasdaq's total market value, thrived
during the pandemic recession. But many of those shares are now
seen by some investors as overvalued.
More cyclical stocks, which were battered by shutdowns and
stand to benefit most from economic recovery, have since gained
favor as vaccine deployment gathers steam and restrictions are
lifted.
For the year, the Nasdaq is down 2.2%, while the S&P 500
.SPX and the Dow .DJI are up 1.7% and 3.9%, respectively.