Economy

The Nasdaq Composite stands below 1% of the correction zone on Monday afternoon

The Nasdaq Composite Index rose more than 3% on Monday afternoon, putting the tech-loaded index within walking distance of exiting the correction zone produced on September 8th. A drop of at least 10% for an asset from the last peak is the commonly used definition on Wall Street of a correction, while reaching a new high after such a decline is often seen as taking the asset out of that bearish stage of trading. Nasdaq Composite Composite,
+ 2.55%
The correction sank – after setting a record high on September 2 – early last month but is now approaching a new record high above 12056.44, putting the benchmark around 0.8% from its all-time high, according to FactSet data. The Nasdaq rose through a handful of stocks in its rebound from its March lows and Monday’s trading was no different, with Facebook Inc. FB,
+ 4.27%
Apple Inc. AAPL,
+ 6.35%And the
Amazon.com [: AMZN], Netflix NFLX,
+ 0.06%
And Alphabet Inc of Google, GOOG,
+ 3.55%

GOOGL,
+ 3.58%
Every day sharp spike. The stock group, informally known as FAANG (and sometimes includes Microsoft Cor. MSFT,
+ 2.59%And the
Helped to lift the wider market by the market value of those few companies. The Nasdaq Composite Index recently traded 3.2% higher at 11955, after the index’s rapid rise on Friday. The wider market was also gaining fast, with the Dow Jones Industrial Average [: DJIA] Up 1.1% and the S&P 500 SPX,
+ 1.64%
Climbing 2% to 3,547. The S&P 500 had threatened to fall into a correction, with a drop to 3,222.76 from its last September peak, but it managed to avoid closing at that level.

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Thelma Binder

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