Nasdaq hits record high as U.S. economy shows signs of swift rebound

Recovering from a pronounced COVID-19 shutdown-led slump on growing hopes of a swift economic rebound, the Nasdaq Composite on Friday became the first of the three major U.S. stock indexes to bounce back to a record high.

stock chartReuters:

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 U.S. 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.

MacDailyNews Take: The bulls are charging today!

5 Comments

  1. If ever anyone needed proof of the absolute disconnect between stock market and real world, this is it – record unemployment and massive reduction in business output, and the stock market thinks all is rosy and things ‘back to normal’ asap? Wrong! will be a long time for the global and domestic economies to recover. Anyone believing the stock market and all the associated manipulators is a fool.

  2. Eric, you’re a bearer of news that most fan boys here can’t handle. Though the employment news is very good and AAPL’s climb to new highs today is appreciated, one doesn’t have to be a financial expert to read news that confirms the disconnect you note. Our own Fed Chairman, The Printer, speaks with dire concern.

    There’s no “V” recovery in this episode, imo.

    1. The stock market never was directly connected to Main Street, as long as you don’t try to be a day trader you can save and invest and have it grow very well (long Apple) and whose your mommy and daddy or legacy don’t matter just stick to the blue chips and don’t buy gold. 3M and Monster drink are great pickup’s long term.

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