The Nasdaq-100 index rose to a record high, becoming the first major U.S. stock index to fully erase its losses from the coronavirus pandemic sell-off.
Economic recovery will start at a rapid pace and then taper off, says former White House economistThe Nasdaq-100 index rose to a record high on Thursday, becoming the first major U.S. stock index to fully erase its losses from the coronavirus pandemic sell-off.
From Feb. 19 to March 23, the Nasdaq-100 plummeted more than 30%. Since then, however, the index has skyrocketed more than 43%. Traders follow the Nasdaq-100 as it's the benchmark for the highly popular Invesco QQQ Trust ETF, which was up by 0.2%. The 30-stock Dow was down just 9 points, or less than 0.1%, while the S&P 500 slid 0.1%. The Nasdaq Composite traded higher by 0.1%. Both the Dow and S&P 500 were at least 8% below their February record highs, while the Nasdaq traded less than 1.5% below its all-time high.filed for unemployment benefits last week, topping a Dow Jones estimate of 1.775 million. Continuing jobless claims rose sharply, nearly reaching 21.5 million.
"May could well end up being the turning point for the viral crisis. The month ended with the virus seemingly under control and with the economy reopening faster than expected," wrote Brad McMillan, chief investment officer at Commonwealth Financial Network. "June will tell us whether that trend continues. But right now? Things look much better than we could have expected a month ago.
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