REUTERS: Surging technology and communications stocks have put the Nasdaq on the cusp of confirming that it is in a new bull market just 16 weeks after coronavirus fears smashed stocks and threw the U.S. economy into recession.
The index's 11-week surge has been the largest in that amount of time since late 2001, during the dot-com boom.Wall Street for months has appeared to ignore grim economic readings as investors focus on trillions of dollars in government stimulus and bet that a recovery would be relatively quick. The National Bureau of Economic Research said"the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions."
Many investors in recent months have bet that massive corporations with robust balance sheets will build on competitive advantages and grab market share from smaller rivals struggling to survive the global health crisis.
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