The Nasdaq Composite hit a record high on Friday morning as technology stocks have put in a strong showing since the spike in volatility at the start of February triggered a sell-off in global markets.
The tech-heavy index was up 1.2 per cent to 7,517.51, about 12 points clear of its previous high mark on January 26, when all three of Wall Street’s equities gauges closed at records.
During the sell-off that followed, the Nasdaq fared better than its stablemates, dropping 9.7 per cent through to February 8. Both the S&P 500 and Dow Jones Industrial Average suffered corrections, defined as drops of 10 per cent or more from a peak.
The S&P 500 has clawed back nearly two-thirds of the points lost during its 10.2 per cent correction, while the Dow has recovered almost half of its 10.4 per cent drop.
To take out their record highs, the S&P 500 and Dow need to rise by 3.8 per cent and 5.7 per cent, respectively, from their levels on Friday morning.
About 42 per cent of the 2555 stocks in the Nasdaq are now trading higher than where they closed on the previous record high date of January 26.
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