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

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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 ...

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.

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. Beaten-down shares of cruise operators Carnival Corp and Norwegian Cruise Line Holdings Ltd continued to recover. The S&P 1500 airlines index jumped 9.9per cent.

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.

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