The Nasdaq Composite Index rallied above the psychologically significant level at 8,000 midday Thursday, with gains for the technology-heavy index nearly erasing all of its weekly losses. The Nasdaq COMP, +2.24% was most recently trading at 7,999, up 1.7%, but recently hit an intraday peak at 8,002.92, marking a powerful recovery for the index and the broader market that took root in late-Wednesday trade. The Nasdaq shed 3.5% on Monday but has gained in the past two sessions, with Thursday’s move putting its weekly skid at less than 0.1%. The Dow Jones Industrial Average DJIA, +1.43%, meanwhile, was up 1% at 26,274, while the S&P 500 index SPX, +1.88% advanced 1.4% at 2,924. The S&P 500 and Dow marked their biggest intraday comebacks in about 7 months after the benchmarks, along with the Nasdaq, were pummeled lower on the back of growing fears about weak global growth and a burgeoning trade and currency battle between the U.S. and China–factors that could potentially throw the global economy into recession, strategists say.
Nasdaq's 1.8% rise pushes stock-market index back above 8,000 and nearly erases all of the week's loss
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