In June, the Nasdaq became the first of the major Wall Street indexes to recoup its coronavirus-induced losses.
The Nasdaq surged to a record high close on Monday, while the S&P 500 approached its own record level, with both indexes lifted by Nvidia and other technology stocks. The benchmark S&P 500 reached just shy of its Feb.19 intraday record high after testing that level for much of last week, while the Dow Jones was weighed down by losses in financial and industrial stocks. Nvidia Corp was among the top boosts to the S&P 500 and Nasdaq for the day, surging 6.7% to a record high after two analysts raised their price targets ahead of the chipmaker’s quarterly results on Wednesday. In June, the Nasdaq became the first of the major Wall Street indexes to recoup its coronavirus-induced losses as several of its largest constituents, including Amazon.com Inc and Netflix Inc, benefited from curbs on social activity. “Tech is the only trade,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “Things that were 10 years away on Feb.18 are here now: Distance learning, seeing your doctor via Zoom, ordering pharmaceuticals via the mail.
