The Nasdaq was on track to end Thursday in positive territory for 2020 after winning back the vast majority of steep losses caused in recent months by the coronavirus pandemic.
Following a slump of almost a third between Feb. 19 and March 23, the tech-heavy index has rebounded over 30per cent, driven by strong gains in Amazon.com Inc , Microsoft Corp and other so called"stay-at-home" stocks."Everything else has been so bad that tech is now seen as a safe-haven," said Dennis Dick, a trader at Bright Trading LLC."It's like we're back in 1999, where if you had a website, you were hot.
A surprise rise in Chinese exports raised hopes of a faster economic recovery from what is expected to be a deep coronavirus-led recession, lifting stocks across Wall Street. The Nasdaq has gained about 13per cent over the past 12 months. It has little exposure to oil stocks, which have been a drag on the S&P 500 as demand for crude evaporates due to the slump in economic activity caused by the coronavirus.
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