On the same day that the Nasdaq marked a new bull market, the U.S. economy was officially declared to be in a recession. The two milestones on Monday illustrate how an 11-week surge in stocks has occurred despite widespread economic devastation fueled by the coronavirus pandemic.
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid/File Photoclosed up 0.8% on Monday at 9,924.75 points, exceeding its previous record high on Feb. 19, just before fears of the coronavirus ended its 11-year bull market.
The index’s 44% climb from its March 23 low stands in contrast to sharp deteriorations in gross domestic product and other economic indicators as a result of nationwide lockdowns, which are now easing. Wall Street for months has appeared to ignore grim economic readings as investors focus on trillions of dollars in government stimulus and bet that a recovery would be relatively quick.
The National Bureau of Economic Research said, “The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”
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