Nasdaq's 1.8% rise pushes stock-market index back above 8,000 and nearly erases all of the week's loss

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, +1.44%, meanwhile, was up 1% at 26,274, while the S&P 500 index SPX, +1.89% 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.

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