(Reuters) – A rally in tech shares drove the Nasdaq index higher on Thursday, with weekly jobless claims dipping below 2 million for the first time since mid-March bolstering optimism around an economic rebound from the coronavirus-driven slump.
FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson
The NYSE FANG+TM Index, which includes Facebook Inc, Apple, Amazon.com Inc, Netflix and Alphabet Inc, hit an intraday record high in morning trading.
But the S&P 500 and the Dow Jones indexes pulled back slightly after gaining earlier this week.
“The market is due for a pause,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland, Ohio.
“It’s really important to realize that U.S. equi