The Nasdaq Composite just staged its biggest intraday comeback in nearly 2 years, ending positive after a 2.7% plunge

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It was a recovery for the Wall Street record books on Monday.

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NASDAQ Composite Index Comp,
+0.05%,
It took a rally for ages to finish in positive territory, down 2.72% at its intraday low at 14,530.23, according to data compiled by the Dow, marking the biggest time for the technology-laden index since February 28, 2020. returned. Jones Market Data.

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At the end of February of 2020, the Nasdaq Composite fell 3.53% on an intraday basis, but ended the day as low as 0.01%.

What made the intraday rebound notable for the Nasdaq Composite was that the index’s decline was putting it at risk of closing in on a correction for the first time since March 8. The index, which ended at 14,942.83, needed to stay above 14,451.69 to avoid a correction. November 19 Record close peak. A correction is usually defined by market technicians as a decline of 10% from the most recent peak.

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A powerful rebound for the Nasdaq Composite also saw the Dow Jones Industrial Average (DJIA),
-0.45%
and the S&P 500 Index SPX,
-0.14%
Well end your worst levels of the day.

The rise in bond yields comes as investors are positioning for the prospect of higher interest rates in early March, with many economists in parts of Wall Street saying the Federal Reserve has waited too long for a hike. Traders are also gearing up for Wednesday’s consumer-price report, which could show 7% headline year-over-year growth for December, and similar gains that won’t let up until the March reading.

The Nasdaq Composite also managed to avoid closing below its 200-day moving average, which stood at 14,688.73. The benchmark has not closed below its 200-day MA since April 21, 2020, FactSet data shows.

dow jones market data

That said, the number of Nasdaq listed stocks that hit a 52-week low today was at its highest level since March 2020.

dow jones market data

—Michael DeStefano and Tom DeStefano contributed to this article

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