U.S. stock markets retreated on Jun 9, snapping a six-day winning streak. Both the Dow and the S&P 500 indexes fell sharply. However, the Nasdaq Composite has maintained its pace closing in the positive territory in seven out of last eight trading days. On Jun 9, the tech-laden index achieved a significant milestone of 10,000 for the first time in history.
Nasdaq’s Fabulous Rally in Past Two and Half Months
The Nasdaq Composite started rallying since the beginning of 2020 after finishing an impressive 2019 rally of 35.2%. Since then, the index had a dream run attaining fresh highs almost every day. On Feb 19, the tech-laden index reached its all-time high of 9,838.37 after which it took a backward bend on the verge of the coronavirus outbreak.
The tech-heavy index entered into year-to-date negative territory on Feb 25 and then fell in the bear market (characterized as decline of