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UPDATE 1-Nasdaq 100 hits intraday record high on recovery optimism

Published 04/06/2020, 16:36
Updated 04/06/2020, 16:42
© Reuters.
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(Adds analyst comments)
June 4 (Reuters) - The Nasdaq 100 on Thursday became the
first U.S. equity index to reclaim its intraday record high as a
reopening of the economy from coronavirus lockdowns powered a
Wall Street rally following its stunning crash into a bear
market in March.
Historic U.S. monetary and fiscal stimulus, as well as hopes
of a faster economic recovery from a coronavirus-induced slump
have lifted the three main indexes from multi-year lows, with
tech-related stocks among the biggest gainers.
While a resurgence in U.S.-China tensions and fears of
disruption from recent social unrest in the United States have
tempered the pace of gains, investors have held out for an
economic recovery with the latest set of data improving from its
worst readings during the pandemic.
The NYSE FANG+TM Index .NYFANG , which includes Facebook
Inc FB.O , Apple Inc AAPL.O , Amazon.com Inc AMZN.O , Netflix
Inc NFLX.O and Alphabet Inc GOOGL.O , also hit a record high
in morning trading.
"In this market, you need to be selective and technology
continues to be one of our favorite sectors," said Larry Adam,
chief investment officer at Raymond James in Baltimore.
"More and more people have become reliant on technology
during this pandemic. And these companies still have a lot of
cash on their balance sheet so that can lead to dividends,
buybacks, capital expenditures and M&A activity."
The wider Nasdaq Composite index .IXIC is now just about
2% below its record high after crashing about 32% from that
level in March. The S&P 500 .SPX and Dow Jones .DJI indexes
are about 8% and 11% below their respective all-time highs.

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