In this file photo, The Fearless Girl statue is seen in front of the New York Stock Exchange on April 30.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.
“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. Now, if you specialize in selling online, you’re hot.”Thursday’s 1.7% Nasdaq rally was fueled by a nearly 13% leap in PayPal Holdings after the payments processor delivered an upbeat outlook as the health crisis drives more people to shop online.
The Nasdaq’s recent strong performance leaves it down about 8% from its February record high, just before fears of the coronavirus put an end to an 11-year old bull market. By comparison, the S&P 500 remains down 14% from its record high, and the Dow is down 19% from its peak. With people shopping from home due to orders to remain at home and avoid stores, Amazon has surged 9% since late February. After hitting a record high a week ago, it lost ground after warning it could post a quarterly loss due to heavy spending in response to the pandemic.
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