Nasdaq regains 7,000 level, ends above its 50-day moving average for first time in about 3 months

The Nasdaq Composite Index on Tuesday closed sharply higher, putting the technology and internet-related gauge to a finish above its short-term average for the first time since early October. The Nasdaq booked a 1.7% gain to end at 7,023.83. That places the index above its 50-day moving average at 6,996.25, for the first time since Oct. 3, according to FactSet data. Market technicians watch moving averages to help assess bullish and bearish momentum in an asset. To be sure, the Nasdaq still remains in a bear market, after dropping by at least 20% from its recent peak. The Nasdaq stands about 13% below its Aug. 29 high at 8,109.69. Meanwhile, the Dow Jones Industrial Average and the S&P 500 index also closed higher.

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