The NASDAQ Composite Index has been on a significant upward trend over the past week, culminating in a record single-day increase of 211.51 points on Friday. This gain represents the most substantial two-week rally since September 2023. The index closed at a high of 13431.34, a level it hadn't reached since September of last year.
Over the past eight trading days, the index has seen gains on six occasions, contributing to an overall increase of over 31% from its lowest point last year. Despite this upward momentum, the index remains around 16.35% lower than its record close on November 19, 2021.
The market's robust performance is also evident when compared to its position on Election Day, November 3, 2020. From then to now, the NASDAQ has seen an impressive increase of 20.35%. It is worth noting that the current market value is slightly off by just 0.19% from the Inauguration Day close.
Compared to its position a year ago, the index has improved by over 26%, marking a year-on-year rise of 26.09%. It has also rebounded by over 30% from its lowest closing in 2023 but still trails around 6.45% behind its highest close within the same year.
Despite being down by around 16% from its record high in November 2021 and slightly lower than the Inauguration Day close, the NASDAQ Composite Index's recent performance underscores a resilient market witnessing strong rallies and significant gains.
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