Tech stocks propelled the Nasdaq Composite to a new high on Friday for the first time since July in a sharp turnaround after falling as much as 15 per cent during the summer.
The technology-heavy index rose as much as 1.5 per cent to 18690.01, surpassing the previous intraday peak of 18671.07. It gave up some of the gains to close at 18518.61 — up 0.6 per cent for the day but below its record closing level.
“Each time we panic, the market continues to rise. At some point you stop panicking,” said Luca Paolini, chief strategist at Pictet Asset Management.
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