In a frantic trading session, the Nasdaq Composite returned to history books on Friday.
The technology-laden index had fallen to 2.6% when it reached an intraday low at 12,397.05, as data released by the Department of Labor on Friday showed that a solid recovery was developing on the front. of employment, which strongly pushed bond yields.
But when the day was over, the Nasdaq Composite COMP,
had closed 1.6% at 12,920.15, almost at the high of the day, marking the strongest intraday comeback since Feb. 28, when the Nasdaq fell to 2.5% and closed 0.1% month. According to Dow Jones Market Data, according to another measure, the intraday rebound was the highest in the index since March 19, 2020.
Optimism over the employment situation added to concerns that hot technology stocks would wither in the face of the prospect of rising bond yields and inflation, which the non-payroll report acknowledged. February agricultural.
Read: MarketWatch Market Snapshot
The data showed that the United States 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%.
10-year Treasury note TMUBMUSD10Y,
the yield jumped briefly around 1.62%.
The Nasdaq Composite closed trading at about 27 basis points on Thursday from a 10% drop from its most recent peak, Feb. 12, which would meet the most widely used definition for asset correction.
The Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
they also traded near the highs of the session after both suffered strong selling pressure at the beginning of the session.
Federal Reserve Chairman Jerome Powell’s comments on Thursday helped boost bond yields much higher, as they were seen as showing insufficient concern about inflation as the economy recovers from the COVID-19 pandemic, with the help of another dose of Washington fiscal stimulus.