After NAS100 reached an all time high on April 29th the Index fell 7.87% in 9 trading sessions. The index started gaining ground in the May19th session and is currently up 4% in two days. Technology companies led the NAS100 rebound after a report showed that applications for state unemployment insurance fell last week amid an optimistic pandemic recovery.
The Index jumped to a 2 week high with gains for Tech companies such as; Apple, Microsoft and Tesla as one of the best performers. Ford Motor Co had gains for the first time in three sessions after they announced plans to create a joint venture to manufacture electric vehicle batteries in the US.
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Thursday’s rally pushed the Index above its average price for the past 50 days. That level is a key trend indicator for traders and has proven to be a buy signal in past rebounds.
“The jobless claims read shows once again that we’re heading in the right direction, but we’re a ways away from where we were pre-pandemic.” said Mike Loewengart, managing director of investment strategy at E-Trade.
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