June 4, 2020 / 2:45 PM / a month ago

Nasdaq 100 hits intraday record high on recovery optimism

June 4 (Reuters) - The Nasdaq 100 index rose to an intra-day record high on Thursday as optimism about the reopening of the U.S. economy eclipsed concerns of the economic damage wrought by the COVID-19 pandemic.

A rally in tech-related stocks during global lockdowns in April and historic U.S. stimulus have powered a Wall Street rebound in the past two months.

While a resurgence in U.S.-China tensions and fears of disruption from recent social unrest have tempered the pace of gains, investors have held out for an economic recovery with businesses reopening.

The wider Nasdaq Composite index is now just about 1.3% away from reclaiming its record high. Once it closes above that level, it would confirm it has been in a new bull market since hitting a one-year low on March 23, according to a widely accepted definition. (Reporting by Reuters markets team; Editing by Saumyadeb Chakrabarty)

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