Dow Jones Industrial Average rises 211 points
Nasdaq positive for 2020
Facebook, Amazon, Apple and Alphabet all closed higher to help lift the Nasdaq into positive territory for the year. The Nasdaq had fallen more than 32% from its all-time high to its March 23 low. “While we have all become even more dependent on the products and services provided by the FAANGMs during the Great Virus Crisis, they might have become more immune to government regulation,” wrote Ed Yardeni, president and chief investment strategist at Yardeni Research. Positive sentiment also increased as investors ratcheted up bets on the economy reopening.
Energy and big tech lead the way
The S&P 500 energy sector rose 2.47% as oil prices regained their footing after snapping a five-day winning streak in the previous session. Big tech also contributed to Thursday’s gains. Facebook rose 1.34% while Amazon, Apple and Alphabet all advanced at least 0.70%.
What happens next?
The monthly U.S. jobs report is set for release on Friday.
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