In a frenetic trading session, the Nasdaq Composite forged a comeback for the history books on Friday.
The technology-laden index had been down by as much as 2.6% when it hit an intraday nadir at 12,397.05, as data released by the Labor Department on Friday showed that a solid recovery was underway on the jobs front, pushing bond yields up sharply.
But when the day was out the Nasdaq Composite COMP, +1.55% had closed higher by 1.6% at 12,920.15, near its high of the day, marking the sharpest intraday comeback since Feb. 28, when the Nasdaq fell by as much as 2.5% and closed 0.1% higher. By another measure the intraday rebound was the index’s biggest since March 19, 2020, according to Dow Jones Market Data.
Optimism around the employment picture added to worries that red-hot technology stocks would wither in the face of the prospect of rising bond yields and inflation, which the nonfarm-payrolls report for February supported.
In a frenetic trading session, the Nasdaq Composite forged a comeback for the history books on Friday.
The technology-laden index had been down by as much as 2.6% when it hit an intraday nadir at 12,397.05, as data released by the Labor Department on Friday showed that a solid recovery was underway on the jobs front, pushing bond yields up sharply.
But when the day was out the Nasdaq Composite COMP, +1.55% had closed higher by 1.6% at 12,920.15, near its high of the day, marking the sharpest intraday comeback since Feb. 28, when the Nasdaq fell by as much as 2.5% and closed 0.1% higher. By another measure the intraday rebound was the index’s biggest since March 19, 2020, according to Dow Jones Market Data.
Optimism around the employment picture added to worries that red-hot technology stocks would wither in the face of the prospect of rising bond yields and inflation, which the nonfarm-payrolls report for February supported.