America’s oldest stock market index moved closer to exiting a bear market yesterday after the publication of strong jobs numbers on Friday and amid hopes that the world’s largest economy can avoid a recession.
The Dow Jones industrial average, introduced in 1896, entered correction territory on March 7, closing up 29.07 points, or 0.1 per cent, at 32,832.54. It is down 10.8 per cent from its record close of 36,799.65 on January 4 and needs to close at 33,069.33 to exit correction territory. A bear market is generally defined as a fall of 20 per cent or more from its most recent high.
The technology-heavy Nasdaq — which has been in its longest bear market since one that ended in December 2008 and lasted
