Massive Nasdaq Rally Springs From Deepest Hole in Three Decades
- Nasdaq 100 was most oversold versus S&P 500 since 1990
- Wall Street strategists still aren’t sure the selloff is over
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A day after the Nasdaq 100 fell more than 10% from a record into a technical correction, the tech-heavy benchmark made a resounding comeback.
With roughly a quarter of the index’s members surging more than 5%, the Nasdaq 100 ended Tuesday up 4% for the best rally since November. ARK Innovation ETF, star manager Cathie Wood’s flagship fund that has suffered losses of at least 10% in each of the last two weeks, jumped the most on record, adding 10%. Shares of Tesla Inc., which had fallen more than 30% from January levels, soared 20%. Stay-at-home market darlings Peloton Interactive Inc. and DocuSign Inc. each rose more than 10%.