US Market: NASDAQ-100 hits a record high in the mid-day trading, later pulls back
On Thursday, the Nasdaq-100 hit an intraday record high. Moreover, it became the first US index to have fully regained from the losses owing to the pandemic-induced huge sell-off.
The surge in the index brought the hopes of economic relief and saw the index trading higher by 0.3 percent. Moreover, it was observed that the shares of companies such as eBay and United Airlines were among the best performers in the Nasdaq-100.
Earlier, the equity index saw a decline of almost 30 percent from early Feb to March. However, since then the index hit the roof by around 43 percent. In addition, mainly tech-related stocks led the index gains in the trading session.
Amazon, PepsiCo, Costco, and PayPal were among the companies that led to the record high in the Nasdaq-100. However, the excitement wasn’t for long as the index lowered by almost 0.5 percent in the mid-day trading session.
As reported by CNBC, Travel stocks were some of the biggest winners in early trading which included airline companies such as American Airlines, United, and Delta. As per the report, these stocks increased as the companies stated their plans to increase flights in the coming months owing to a rebound in travel demand.
Further, the S&P 500 proceeded for its first negative note in five, reported CNBC on its live market updates.