The Nasdaq Composite Index on Monday afternoon was surging more than 3% higher, putting the technology-laden index within striking distance of exiting a plunge into correction territory produced back on Sept. 8. A drop of at least 10% for an asset from a recent peak is the commonly used definition on Wall Street for a correction, while putting in a new high after that decline is often viewed as that asset exiting that bearish phase of trading. The Nasdaq Composite COMP, -0.10% sank into correction–after putting in its most recent record high on Sept. 2–early last month but is now nearing a new record peak above 12,056.44, putting the benchmark about 0.8% from its all-time high, according to FactSet data. The Nasdaq has been powered higher by a handful of stocks in its resurgence from its March lows and Monday’s trade was no different, with Facebook Inc. FB, +0.14% Apple Inc. AAPL, -2.65%, Amazon.com [: AMZN], Netflix NFLX, +2.64% and Google parent Alphabet Inc. GOOG, +0.16% GOOGL, +0.15% all rising sharply on the day. The contingent of stocks, known informally as FAANG (and sometimes including Microsoft Cor. MSFT, +0.65%, has helped to lift the broader market by dint of the market value those handful of those companies. The Nasdaq Composite was recently trading up 3.2% at 11,955, coming after brisk run-up for the index on Friday. The broader market also was gaining altitude briskly, with the Dow Jones Industrial Average [: DJIA] rising 1.1%
Nasdaq Composite stands less than 1% from exiting correction territory Monday afternoon
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