(Reuters) – The Nasdaq posted a record closing high on Monday, becoming the first of the major indexes to confirm a new bull market, while the S&P 500 ended in positive territory for the year as expectations for a swift recovery from a coronavirus-driven downturn increased.
Rising technology and communication stocks have driven gains in the Nasdaq, which confirmed a new bull market just 16 weeks after coronavirus fears crushed stocks and pushed the U.S. economy into recession.
The Nasdaq has climbed 44.7% from its March 23 bottom. A bull market is confirmed once the index makes a new high and is considered to have begun at the index’s low, according to a widely accepted definition.
The S&P 500 remains about 4.5% below its record high close, while the Dow is about 6.7% below.
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