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Nasdaq ends at record, confirms bull market on economic recovery hopes

Stock MarketsJun 08, 2020 05:20PM ET
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2/2 © Reuters. New York Stock Exchange opens during COVID-19 2/2

By Caroline Valetkevitch

(Reuters) - The Nasdaq posted a record closing high on Monday, becoming the first of the major indexes to confirm a new bull market, while the S&P 500 ended in positive territory for the year as expectations for a swift recovery from a coronavirus-driven downturn increased.

Rising technology and communication stocks have driven gains in the Nasdaq, which confirmed a new bull market just 16 weeks after coronavirus fears crushed stocks and pushed the U.S. economy into recession.

The Nasdaq has climbed 44.7% from its March 23 bottom. A bull market is confirmed once the index makes a new high and is considered to have begun at the index's low, according to a widely accepted definition.

The S&P 500 remains about 4.5% below its record high close, while the Dow is about 6.7% below.

A closely watched monthly jobs report on Friday showed an unexpected fall in unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over.

"It's optimism surrounding the reopening of the global economy, and the likely confirmation that the U.S. economy will experience a V-shaped recovery in the second half," said Sam Stovall, chief investment strategist at CFRA Research in New York.

Stocks added to gains late in the session after the U.S. Federal Reserve eased the terms of its "Main Street" lending program.

The energy sector climbed the most among the 11 major S&P sectors, rising 4.3%, as major oil producers agreed over the weekend to extend a deal on record output cuts.

Beaten-down shares of cruise operators Carnival (NYSE:CUK) Corp and Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd continued to recover. The S&P 1500 airlines index jumped 9.9%.

The Dow Jones Industrial Average rose 461.46 points, or 1.7%, to 27,572.44, the S&P 500 gained 38.46 points, or 1.20%, to 3,232.39 and the Nasdaq Composite added 110.66 points, or 1.13%, to 9,924.75.

Investors will also focus this week on the Fed's two-day policy meeting, ending on Wednesday, where the jobs report will most likely be discussed.

It would be the first meeting since April when Fed Chair Jerome Powell said the U.S. economy could feel the weight of the economic shutdown for more than a year.

Advancing issues outnumbered declining ones on the NYSE by a 4.61-to-1 ratio; on Nasdaq, a 3.02-to-1 ratio favored advancers.

The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and no new lows.

Volume on U.S. exchanges was 16.46 billion shares, compared to the 12.35 billion average for the full session over the last 20 trading days.

Nasdaq ends at record, confirms bull market on economic recovery hopes
 

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Comments (51)
James Marshall
James Marshall Jun 08, 2020 10:26PM ET
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right before your eyes the central banks have taken over in a silent move behind the smoke and mirrors of CV and these riots
Get Sirius
Get Sirius Jun 08, 2020 10:26PM ET
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All lie my friend there is no any recovery. If market look economy situation today or if looking forward it is the same thing. There is no light in the tunel for next few years. So all this is just a trap.
bb blast
bb blast Jun 08, 2020 7:52PM ET
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it was all NKLA that rose most of the nasdaq
Jb Jeong
Jb Jeong Jun 08, 2020 7:28PM ET
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Fun hopes 60days
Jeffrey Whittinghill
Jeffrey Whittinghill Jun 08, 2020 7:18PM ET
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On hopes??? Lol when it crashes it will happen before you wake up and 30% the second it opens. Ouch the selloff will be instantaneous
Bulls MakeMore
Bulls MakeMore Jun 08, 2020 7:01PM ET
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Some people would find things to complain about if they lived in a mansion in Hawaii.
Midway Eholdings
Midway Eholdings Jun 08, 2020 6:45PM ET
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The market is never wrong. Its one of the few places the activies of insiders can be seen in plain sight. Market moves can make no sense but learn from it dont fight it.
alireza dn
alireza dn Jun 08, 2020 4:38PM ET
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it's joke
Rig Rigr
Rig Rigr Jun 08, 2020 4:07PM ET
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No one believes in recovery hope. They just know the Fed wont let the market tank so they dont give a ****about fundamentals. and so far, they've been proven right. I expect a crash before the years end when the Fed announces that it wont prevent Sam's used underwear store from going bankrupt. Theres not much fear in the market and JPow has lost his credibility.
Pwr Strk
Pwr Strk Jun 08, 2020 3:17PM ET
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I think lock-down isolation has thrown people into a psychotic virtual reality of their own... there is another story happening out in the streets, not all of them, but a lot of them
Joanna Yin
Joanna Yin Jun 08, 2020 2:40PM ET
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Optimism is not reality. Unlimited/uncontrolled promises in election year.
Alan Rice
Alan Rice Jun 08, 2020 2:13PM ET
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Inverted Nasdaq Chart = Chart of World's blood pressure
Midway Eholdings
Midway Eholdings Jun 08, 2020 1:36PM ET
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Still bears!! You guys are born losers if you cant admit your mistake and learn. By not imploding the market told you to get long 2 months ago. It will only break when bulls take over.
Raj Darvante
Raj Darvante Jun 08, 2020 1:36PM ET
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true
Kevin Wilkie
Kevin Wilkie Jun 08, 2020 1:23PM ET
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Market up on "hopes" for 3 months now? Really!!!, or is it up on Free Fed money. Which do you think?
Johnny Crash
Johnny Crash Jun 08, 2020 1:14PM ET
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The fed covered the losses of earlier record gains to the billionaires. How is that going to help the real economy?
Joaquin Sanchez Paredes
Joaquin Sanchez Paredes Jun 08, 2020 1:14PM ET
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escribo sin saber q de que
Joaquin Sanchez Paredes
Joaquin Sanchez Paredes Jun 08, 2020 1:14PM ET
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escribo como replica o respuesta
Thom Miller
Thom Miller Jun 08, 2020 1:08PM ET
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Only Trump would allow the BLS to release employment data that he knew was fake. Even though it’s footnoted to say the May unemployment rate was really closer to 16.6% than 13.3%, Trump took a victory lap lying all the way around the track. Even the April figure was understated....it should have been 19.5%, rather than the fake level of 16.6%. And yes that still indicates a month-to-month 3.0-point improvement, but that will be short-lived because many companies’ Covid-related government funding was based on maintaining employment rolls and that mandate will run out soon. Folks on this site seem overjoyed with such high levels of unemployment that will go even higher when the BLS starts reporting the truth. Go figure.....
Tyler Phillis
Tyler Phillis Jun 08, 2020 1:08PM ET
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Absolute self-indulgent nonsense.
Tyler Phillis
Tyler Phillis Jun 08, 2020 1:08PM ET
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Self-indulgent nonsense.
Pwr Strk
Pwr Strk Jun 08, 2020 1:08PM ET
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where's the source of your "footnoted unemployment results"? as far as i can see your comments are FAKE comments
Howl Jenkins
Howl Jenkins Jun 08, 2020 1:04PM ET
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Why print lies? Same headline should show everyday? Unlimited stimulus props markets higher. You're losing a ton on unnecessary labor costs Investing.com
Brandon Son
Brandon Son Jun 08, 2020 12:24PM ET
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warren buffet is shorting
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 12:24PM ET
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How do you know that?
Onyema Ubanesse
Onyema Ubanesse Jun 08, 2020 12:24PM ET
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he said he will hardly ever sell American stocks
Saif Bayoumi
Saif Bayoumi Jun 08, 2020 12:24PM ET
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He is overly conservative
Ronald Warren
Ronald Warren Jun 08, 2020 11:53AM ET
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VIX is up. Market makers know this is Pucky!!
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 11:28AM ET
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More hopes
chrisP bacon
chrisP bacon Jun 08, 2020 11:28AM ET
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7 replies about Trump on this article. Get a pair snowflake this is a BUSINESS site. Market is overshot but you'd blame him if it was down too.
sudhir kumar
sudhir kumar Jun 08, 2020 11:22AM ET
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Headlines must be....... Wall Street and major index rose on monday as dead American body's on a rise.
Jonathan Sutton
Jonathan Sutton Jun 08, 2020 11:19AM ET
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These articles are just insulting to our intelligence now.
cody sutton
cody sutton Jun 08, 2020 11:19AM ET
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Finally someone intellegent.
Kapil Baldawa
Kapil Baldawa Jun 08, 2020 11:19AM ET
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No intelligence is RBC and another analyst who feel Amazing is gonna go to 3300 and Boeing's worst is priced in.. Amazon with a P/E of only 100+ 2 yr fwd is still a buy.. you know mkts r in a different zone
Michael King
Michael King Jun 08, 2020 11:17AM ET
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All market up is for Trump re-election. This guy massed up everything he touched as president so far. Now the only thing he can do and wish is to use the market to achieve his personal and family interest. But with six times of bankruptcies, he may mass up the market just before the election day.
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 11:17AM ET
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He is a disaster. He needs to be impeached before he sinks America just like he sank 6 times.
Ronald Warren
Ronald Warren Jun 08, 2020 11:17AM ET
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Robert DZ the patterns He was impeached!! lol
Jj Piper
Jj Piper Jun 08, 2020 11:14AM ET
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S&P to 4,000
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 10:45AM ET
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Markets are a political tool now under this administration. Few weeks ago Biden has started that he would not pressure the Fed to pump.
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 10:45AM ET
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stated. --- you got to love autocorrect
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 10:45AM ET
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He doesn't realize that this pumping will actually backfire, people aren't ignorant.
Kaveh Sun
Kaveh Sun Jun 08, 2020 10:45AM ET
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I bet dollar to donut u cant tell autocomplete vs autocorrect. I dont use them but i can tell.
Robert DZ the patterns
Robert DZ the patterns Jun 08, 2020 10:41AM ET
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Social Security is being destroyed by all of this pumping becauseTrump thinks that pumping will re-elect him and he knows that he must be re-elected because if he looses then democrats will destroy him and his family. Once he looses and he will loose then the markets will be dumped just so he can say that 'you wanted Biden the you got it'.
Michael Crowley
Michael Crowley Jun 08, 2020 10:41AM ET
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Him and his... great tan, they will destroy his great tan?
Brandon Son
Brandon Son Jun 08, 2020 10:41AM ET
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Biden can't even tie his own shoes how on earth can he be president
 
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