$Stock*Shop*Charts*News*Option$

[bar1080]

"Nasdaq stages biggest intraday comeback in a year as U.S. stock market bounces back from rout"


"In a wild trading day, the Nasdaq Composite is forging a comeback for the annals. On Friday, the technology-laden index had been down by as much as 2.6% to hit an intraday nadir at 12,397.05, as data released by the Labor Department on Friday showed that a solid recovery was under way on the jobs front."

"In a frenetic trading session, the Nasdaq Composite forged a comeback for the history books on Friday.

The technology-laden index had been down by as much as 2.6% when it hit an intraday nadir at 12,397.05, as data released by the Labor Department on Friday showed that a solid recovery was underway on the jobs front, pushing bond yields up sharply.

But when the day was out the Nasdaq Composite COMP, +1.55% had closed higher by 1.6% at 12,920.15, near its high of the day, marking the sharpest intraday comeback since Feb. 28, when the Nasdaq fell by as much as 2.5% and closed 0.1% higher. By another measure the intraday rebound was the index’s biggest since March 19, 2020, according to Dow Jones Market Data.

Optimism around the employment picture added to worries that red-hot technology stocks would wither in the face of the prospect of rising bond yields and inflation, which the nonfarm-payrolls report for February supported.

The data showed that the U.S. added 379,000 jobs last month — well above the forecast of 210,000 — and that the unemployment rate fell to 6.2% from 6.3%."

https://www.marketwatch.com/story/nasdaq-staging-biggest-intraday-comeback-in-over-a-year-as-stock-market-rebounds-from-friday-rout-11614977473