The Nasdaq Composite Index on Friday retook an all-time high in intraday trade for the first time in about six weeks, highlighting a relatively speedy recover for the technology-laden index following its downturn in early February. The Nasdaq Composite Index touched a level at 7,511.73, according to FactSet data, representing its first intraday record since Jan. 26 when it closed at at record 7,505.77. The U.S. stock market broadly suffered a sharp downturn that saw the Nasdaq, the Dow Jones Industrial Average and the S&P 500 index slip at least 10% from their recent peaks in late January, registering what most define as a correction. However, stocks have mostly recovered from that nadir, even as Wall Street wrestles with turmoil in the White House over the implementation of tariffs, which some critics fear could spark a global trade war. Friday’s leg higher, however, was aided by a better-than-expected jobs report, with 313,000 jobs created in February and muted signs that wage pressures were building in the system. Fears of rapidly rising inflation or wages cropping up in the January labor-market report sparked the selloff in equities last month.
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