Tuesday, August 18, 2020

S&P 500 climbs to new record high, topping previous all-time high set before pandemic

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πŸ‡ΊπŸ‡ΈπŸ†πŸ‡ΊπŸ‡ΈπŸ†πŸ‡ΊπŸ‡Έ The S&P 500 climbed to a new record high on Tuesday, rising above the previous all-time high set before the pandemic hit the U.S. stock market and economy. The broad index of large public U.S. companies has been hovering just below that record high for over a week. On Tuesday, it rose three-tenths of a percentage point to 3,395.06, about 0.045 above the February 19 intraday record of 3,393.52. The new record high was not maintained for long. Shortly after, the index slipped below that level and into negative territory for the day. The Dow Jones Industrial Average advanced one-tenth of a percent. The Nasdaq Composite also made a record high, trading six-tenths of a percent higher. It had previously surpassed the prepandemic high. Communications services—a new category that includes many of the big tech stocks—and consumer discretionary were the best sectors of the S&P 500 in morning trading on Tuesday.

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MARKET ALERT: Stocks hit all-time highs Tuesday morning as strong housing data and better-than-expected retail earnings propelled both the S&P 500 and the Nasdaq Composite to record peaks.⁣ ⁣ The S&P 500 climbed 0.37% in the opening minutes of trading, eclipsing its intraday high of 3,393.52. The benchmark index needs to finish above 3,386.15 to close in record territory.⁣ ⁣ Meanwhile, the Nasdaq Composite was higher by 0.63%, touching its own record high and the Dow Jones Industrial Average gained 20 points, or 0.07%.⁣ ⁣ Looking at the economy, housing starts rose 23% to a seasonally adjusted annualized rate of 1.496 million, beating the 1.24 million that was anticipated by analysts surveyed by Refinitiv. Building permits, meanwhile, climbed 19% to 1.495 million, ahead of the 1.32 million that was expected.⁣ ⁣ Go to the link in our bio for more on this story.

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