Wall Street virtually wiped out pandemic losses, Nasdaq at its highest

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NEW YORK STOCK EXCHANGE CLOSES UP

NEW YORK (Reuters) – On the New York Stock Exchange, the Nasdaq index ended the session on Monday on a closing record while the other star Wall Street indices also gained ground, investors remaining convinced of a rebound rapid economy after the coronavirus pandemic.

At the bell, the Nasdaq Composite advances 110.66 points, or 1.13%, to 9,924.75 points.

He is the first of three major Wall Street clues to have wiped out all of his pandemic losses. He surpassed his previous record recorded on February 19 at 9,817.18 points. And, since March 23 when it hit its lowest point, it has increased by 44.7%.

The Dow Jones index gained 461.46 points, or 1.7%, to 27,572.44. The larger S & P-500 took 38.46 points, or 1.20%, to 3,232.39. Over one year, the S&P is once again on an increase.

Optimism is still fueled by the very pleasant surprise of the US employment report which came to reinforce expectations of a rapid economic recovery on Friday.

“It is optimism that surrounds the reopening of the world economy and the probable confirmation that the American economy will experience a V-shaped recovery in the second half,” said Sam Stovall, of CFRA Research in New York.

The Federal Reserve’s decision to ease the terms of its loan program to “Main Street” (the “real” economic fabric, as opposed to Wall Street) also carried the movement.

Of the eleven most important sector indices of the S&P, the energy sector registers the strongest progression after the agreement concluded this weekend within OPEC +, which brings together the OPEC countries and several other major producers , including Russia, on an extension of voluntary reductions in crude oil extraction.

The airline sector is also in full recovery, as are two of the main players in the cruise market: the Carnival share takes 15.81% at the close while Norwegian Cruise Line jumps by 19.75%.

(Caroline Valetkevitch; French version Henri-Pierre André)

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