The new year rally in technology stocks lifted the Nasdaq Composite to its eighth consecutive weekly rise and propelled the index out of the bear market it entered in late 2018.

Tech companies have largely reported fourth-quarter results that exceeded expectations, while easing fears among investors about trade tensions and rapid interest-rate increases have also propelled the index higher. The Nasdaq closed more than 20% above its Christmas Eve low, which marks a new bull-market run.

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