“Stocks were mixed on Monday as the S&P 500 and Dow Jones Industrial Average wrapped up their best August performances since the 1980s.
The Dow slid 223.82 points, or 0.8%, to 28,430.05 and the S&P 500 dipped 0.2% to close at 3,500.31. The Nasdaq Composite outperformed with a 0.7% gain and ended the day at 11,775.46.
Declines in bank stocks pressured both the Dow and S&P 500. JPMorgan Chase, Citigroup, Bank of America and Wells Fargo were all down more than 2%, following Treasury yields lower. Yields fell after Federal Reserve Vice Chairman Richard Clarida said rates won’t go up just because unemployment goes down.
Meanwhile, the Nasdaq got a lift after two big stock splits took effect Monday. Apple shares gained 3.4% as a 4-for-1 split took effect. Tesla shares added 12.6% following its 5-for-1 split.
The Dow rallied 7.6% this month for its biggest August gain since 1984. The S&P 500 rose 7% month to date for its best August performance since 1986.”
Fed Chairman Jerome Powell said the central bank formally agreed to a policy of “average inflation targeting.” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.” Powell also hinted that unemployment data can stay lower for longer before the Fed starts thinking about raising rates. This led to a decline in short-term yields and gains along the long end of the yield curve.
“The S&P 500 and Nasdaq Composite rose to fresh record highs on Wednesday, building on their massive rallies off the March lows, as tech shares led the way higher.
The broader market index advanced 1% to 3,478.73 while the Nasdaq popped 1.7% to end the day at 11,665.06. The Dow Jones Industrial Average gained 83.48 points, or 0.3% to end at 28,331.92.
“When you’re coming off a major low, the first phase of the bull market is really strong, and you tend to get very extended,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory. Lerner noted, however, that this “tends to be a period where historically you would start to consolidate some of the gains.”
Shares of Salesforce surged 26% — their biggest one-day gain ever — after the software company posted blowout earnings after the bell on Tuesday. Salesforce will be added to the Dow at the end of August, S&P Dow Jones Indices said Monday. The changes are driven by Apple’s coming stock split, which will reduce the technology weighting in the price-weighted average.
Facebook and Netflix jumped 8.2% and 11.6%, respectively. Amazon advanced nearly 3% while Alphabet and Microsoft gained 2.4% and 2.2%, respectively. Apple rose 1.4%.”
Latest stock market news. Dow Jones closed above the 28,000 level up more than 370 points. Tech stocks underperformed, Nasdaq gained more than 60 points. The indices set new records.
The CBOE Volatility Index (VIX) closed little changed at 22.37-0.17 (-0.75%).
Stock movers
Tortoise Acquisition Corp. (SHLL) stock was a mover closing at 40.00+10.09 (+33.73%).
Stock gainers
Cancer Genetics Inc. (CGIX): 6.25,+ 3.35 +115.52% Sonnet BioTherapeutics Holdings Inc. (SONN): 3.90,+ 1.27 +48.29% Tortoise Acquisition Corp. Cl A (SHLL): 40.00,+ 10.09 +33.73%
Stock losers
Odonate Therapeutics Inc. (ODT): 18.33, -15.21 -45.35% FTS International Inc. (FTSI): 3.15, -1.81 -36.49% Hexindai Inc. ADR (HX): 1.91, -0.67 -25.97%
Most active stocks
Cancer Genetics Inc. (CGIX): 6.25,+ 3.35 +115.52% General Electric Co. (GE): 6.63,+ 0.32 +5.07% American Airlines Group Inc. (AAL): 13.44,+ 1.28 +10.53%
The US stock market closed with gains on August 20, 2020. Nasdaq outperformed and continued making a new high. Dow 30 underperformed. Latest stock market news for August 20, 2020.
S&P 500:3,385.54,+10.69(+0.32%) Dow 30: 27,740.04,+47.16(+0.17%) Nasdaq: 11,264.95,+118.49(+1.06%) Russell 2000: 1,566.59,-5.47(-0.35%)
A lower close today for the US stock market. Major stock indexes erased some moderate gains after the release of the FOMC minutes. At the close on August 19, 2020 the numbers for the US stock market were:
Bank of America Corp. (BAC): 25.50, -0.03 -0.12% Momenta Pharmaceuticals Inc. (MNTA): 52.12,+ 21.31 +69.17% American Airlines Group Inc. (AAL): 12.68,+ 0.08 +0.63%
“The stock market just hit its first record since the pandemic started.
The S&P 500 (SPX) closed at an all-time high on Tuesday for the first time since the Covid-19 pandemic hit the United States.
The index, which is the broadest measure of Wall Street, had been hovering in record territory for days but repeatedly fell short of reaching the milestone. But Tuesday was finally the day. It close up 0.2%, the first record since February 19. The record is a big deal, because it means it only took Wall Street five months to go from the most recent trough — after the pandemic selloff in March — to a new peak. This would make the Covid bear market the shortest in history, at just 1.1 months, said S&P Dow Jones Indices’ Howard Silverblatt. Stocks fell into a bear market during the spring selloff.”
The CBOE Volatility Index (VIX) closed higher at 21.51+0.16 (+0.75%).
Stock movers
Kohl’s Corporation (KSS) stock lost more than 14% closing at 20.01-3.44 (-14.67%).
Stock gainers
MICT Inc. (MICT): 5.10,+ 1.60 +45.71% OneSmart International Education Group Ltd. ADR (ONE): 5.42,+ 1.27 +30.60% RISE Education Cayman Ltd. ADR (REDU): 7.45,+ 1.65 +28.45%
Stock losers
Poseida Therapeutics Inc. (PSTX): 9.06, -3.94 -30.31% Urban One Inc. Cl A (UONE): 7.33, -2.23 -23.33% Unity Biotechnology Inc. (UBX): 3.26, -0.89 -21.45%
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