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.
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!