Nasdaq rebounds from worst week since March

Nasdaq rebounds from worst week since March
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The Nasdaq composite bounced back Monday from its worst week of losses since March as a rally in tech and pharmaceutical shares lifted the market.

The Nasdaq closed with a gain of 1.9 percent Monday led by rising shares of Apple, Tesla and Facebook, rebounding from a 10 percent loss last week. The Dow Jones Industrial Average closed with a gain of 328 points, or 1.2 percent, and the S&P 500 index closed up 1.3 percent.

Monday’s rebound comes after a choppy week for stocks broadly driven primarily by a sharp selloff in technology stocks. Shares of major technology companies powered a steady stock market recovery from April through the end of August, guiding the S&P and Nasdaq to new record highs after crashing in March.

The steady rise of the stock market comes amid decreasing chances of a breakthrough on further coronavirus relief from Congress despite broad agreement among both parties and economists that another stimulus bill is necessary. The GOP-controlled Senate failed to pass last week a $500 billion measure that Democrats denounced as insufficient as soon as it was released. The bill came up short of the 60 votes needed to pass the Senate but would likely not have been taken up in the Democratic-controlled House even if it did clear the upper chamber.

Updated at 4:19 p.m.