Nasdaq completely reverses yesterday's declines
Nasdaq
Tech stocks are up 1.3% today, wiping out a steep fall a day earlier. The broader market has also nearly wiped out its declines.
If the Nasdaq can hold these levels, anything above 5092 will be a fresh record closing high. The intraday of 5119 was set in late April and is still 0.4% away.
The failure of stocks to sustain a break to record highs last week was a concern and yesterday's rout compounded the worries. But the total reversal today reinforces the bullish momentum in the market and the overwhelming appetite for stocks. Q1 showed that companies were feeling some pressure from the US dollar but It's not likely at the point yet where it will add a serious headwind stock market gains.
