Stocks pulled back on Thursday on worse-than-expected employment news.
 | THU, JUN 04, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 184.30 | +11.14 | +6.43% | | MSFT | 182.92 | -2.44 | -1.32% | | JPM | 106.44 | +2.17 | +2.08% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 16.72 | +4.87 | +41.10% | | UAL | 39.10 | +5.45 | +16.20% | | DAL | 32.38 | +3.91 | +13.73% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 16.72 | +4.87 | +41.10% | | UAL | 39.10 | +5.45 | +16.20% | | SIRI | 6.45 | +0.20 | +3.20% | |
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Add this to the market's astonishing optimism: The Nasdaq-100 index not only erased its Covid-19 pandemic losses but hit an all-time high in intraday trading Thursday. The index, of course, is loaded with tech companies that have benefited from stay-at-home orders. It fell about 30% to its March 23 low and then bounced back more than 40%. CNBC's Jesse Pound writes that many of the stocks in the Nasdaq 100 have more room to run - some with consensus price targets as much as 20%-36% higher.  The major indexes, which are not far off their pre-pandemic highs, fell on Thursday. And the Nasdaq 100 pulled back after reaching its all-time high in intraday trading. The economic news, as usual, was dismal, with a report showing initial jobless claims and the total unemployment level a bit worse than expected. "We're looking at the worst data in our lifetime," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. "Yet, here we are at all-time highs. … The market either knows something we don't or we're trading on extreme optimism." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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