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Nasdaq hits record high as US economy shows signs of rebound

Market recovery continues.
Image: Bloomberg

The Nasdaq Composite on Friday became the first of the three major US 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 US 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 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 is about 8% below its own all-time high.

The smaller Nasdaq 100 index hit a record high on Thursday, partly powered by tech-related names including Amazon.com, Netflix, Alphabet and Apple.

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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What could go wrong,,, the titanic is unsinkable !

Make it up as they go along, not possible that all the experts could have got it so wrong,numbers have clearly been manipulated just like stock markets,currencies,oil prices etc.

Lets thank the Fed for printing like there is no tomorrow and for the ‘V’ shaped recovery.
Powell has his print machine on stand by.

Even Hertz (Bankrupt) shares rose on Friday. Something definitely not right.

A matter of time before this bubble bursts.

The future US citizens will definitely be paying for this mess.

End of comments.

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