Nasdaq hits record close, confirms bull market on economic recovery hopes
By Caroline Valetkevitch (Reuters) - The Nasdaq hit a record high close on Monday, becoming the first of the major indexes to confirm a new bull market, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus-driven downturn increased. The S&P 500 ended in positive territory for the year to date. Rising technology and communication stocks have driven gains in the Nasdaq, which confirmed a new bull market just 16 weeks after coronavirus fears crushed stocks and pushed the U.S
By Caroline Valetkevitch
(Reuters) - The Nasdaq hit a record high close on Monday, becoming the first of the major indexes to confirm a new bull market, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus -driven downturn increased.
The S&P 500 ended in positive territory for the year to date.
Rising technology and communication stocks have driven gains in the Nasdaq, which confirmed a new bull market just 16 weeks after coronavirus fears crushed stocks and pushed the U.S. economy into recession.
The Nasdaq has climbed 44.7% from its March 23 bottom. A bull market is generally considered to be a rise of more than 20% from the low point.
A closely watched monthly jobs report on Friday showed an unexpected fall in unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over.
"It's optimism surrounding the reopening of the global economy, and the likely confirmation that the U.S. economy will experience a V-shaped recovery in the second half," said Sam Stovall, chief investment strategist at CFRA Research in New York.
Stocks added to gains late in the session after the U.S. Federal Reserve eased the terms of its "Main Street" lending program.
The energy sector <.SPNY> climbed the most among the 11 major S&P sectors, rising 4.3%, as major oil producers agreed over the weekend to extend a deal on record output cuts.
Beaten-down shares of cruise operators Carnival Corp
The Dow Jones Industrial Average <.DJI> rose 461.46 points, or 1.7%, to 27,572.44, the S&P 500 <.SPX> gained 38.46 points, or 1.20%, to 3,232.39 and the Nasdaq Composite <.IXIC> added 110.66 points, or 1.13%, to 9,924.75.
Investors will also focus this week on the Fed's two-day policy meeting, ending on Wednesday, where the jobs report will most likely be discussed.
It would be the first meeting since April when Fed Chair Jerome Powell said the U.S. economy could feel the weight of the economic shutdown for more than a year.
Advancing issues outnumbered declining ones on the NYSE by a 4.61-to-1 ratio; on Nasdaq, a 3.02-to-1 ratio favored advancers.
The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and no new lows.
Volume on U.S. exchanges was 16.46 billion shares, compared to the 12.35 billion average for the full session over the last 20 trading days.
(Additional reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.