Stock market news for August 26, 2020
August 27, 2020
Stock market news
“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%.”
Stock market data: CNBC
Stock market close on August 26, 2020
S&P 500: 3,478.73,+35.11(+1.02%)
Dow 30: 28,331.92,+83.48(+0.30%)
Russell 2000: 1,561.86,-9.34(-0.59%)
Stock market data: Yahoo Finance