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Nasdaq hits a new record of single-day gain after global stocks rally




We have seen that the stock markets all over the world have been changing at a pace we have never seen before and this is because of the volatile nature of international markets right now. Due to the Coronavirus pandemic along with other problems, international markets are going up someday and then down on other days which means there is no pointer as to what the future is like. It is also seen that the US markets have been trending from earlier this week due to the news of vaccine development but fear regarding the rising Coronavirus cases still persists in the market.

Now, we have a new report from the US stock market where Nasdaq Composite has reached an all-time closing high. As per the numbers, Nasdaq which is known to be tech-heavy has closed at 2.2% higher than the previous day. This is a new record for Nasdaq which is even bigger than its record one-day gain set in mid-May. The reason why Nasdaq climbed is that the tech stocks in the market also grew and Amazon’s shares reached $3000 per share for the first time.

The reason behind this rally in the stock markets by the Nasdaq was because of a better-than-expected services sector report of the US which has a major contribution from the tech industry too. The US services sector report showed a jump of 57.1 points in June for services purchasing manager index which is the largest one-month increase since 1997.

Also, the markets going forward will be very interesting because an analyst at ThinkMarkets says that “Stock investors will soon start finding out exactly how the lockdown has hit company profits, with the second-quarter reporting season due to kick off,”. It will be seen how the growth of the companies has been during the lockdown which will decide the future of stock markets too.

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