(Reuters) – The heavyweight technology and growth stocks that drove Wall Street higher in recent years are again fueling a surge that has taken the Nasdaq from a brutal selloff to an intraday record high in just 11 weeks, as investors look beyond the economic upheaval caused by the coronavirus.
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid
The Nasdaq’s 43% rise since late March puts the tech-heavy index far ahead of the broader S&P 500, highlighting investors’ willingness to bet that tech and communication companies will emerge stronger from the pandemic.
The Nasdaq index on Friday closed 2.06% higher on the day after earlier surpassing the previous intraday record high hit Feb. 19, just before fears of the coronavirus ended Wall Street’s 11-year bull market. The Nasdaq on Friday ended just short of its record high closing