The tech-rich Nasdaq closes more than 100 points over its previous high in February, while the Dow finishes up 1.1% on Monday, June 8.
WALL STREET. The statue of the charging bull is pictured in New York City on April 20, 2020. Photo by Johannes Eisele/AFP
NEW YORK, USA – Wall Street indices powered to a strong finish on Monday, June 8, with Nasdaq hitting a new record and the S&P 500 erasing its losses for the year despite the ongoingThe rally in New York came after European stock markets dropped slightly amid a sell-off that was driven by profit-taking but limited by positive expectations of a global economic recovery.
Maris Ogg, portfolio manager at Tower Bridge Advisor, said markets are"running high on people's expectation that we actually started a new bull cycle, that the economic cycle will have been revitalized by the downturn."Companies hit hard by the lockdowns that sent indices tanking in March were among the big winners, with United Airlines gaining 14.8% and American Airlines 9.3% after both carriers said they were seeing increased demand.
And what selling there was on Monday happened because some investors"chose to take a bit of profit," said Pierre Veyret, analyst at trading group ActivTrades.Wall Street's newfound health contrasts with the greater malaise in the world's largest economy. The unemployment rate stands at 13.3% and on Monday, non-partisan research organization the National Bureau of Economic Research said
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