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Stock market today August 23, 2021

Stock market today

The US stock market closed higher today, as both S&P 500 and Nasdaq made new record highs. Small-cap stocks outperformed and Dow Jones underperformed. The closing numbers for the US stock market today follow:

S&P 500: 4,479.53,+37.86(+0.85%)
Dow 30: 35,335.71,+215.63(+0.61%)
Nasdaq: 14,942.65,+227.99(+1.55%)
Russell 2000: 2,208.30,+40.70(+1.88%)

Stock market news

“Stocks gained on Monday, rising to fresh record levels after last week’s volatility as investors looked ahead to a key event from the Federal Reserve later this week.

The S&P 500 advanced and reached a fresh all-time intraday high. The Nasdaq Composite outperformed, adding 1.6% to reach record intraday and closing highs. The positive sentiment extended into other risk assets, and oil prices also rebounded following recent declines. U.S. West Texas intermediate crude oil futures (CL=F) topped $64 a barrel, and Brent crude (BZ=F) jumped above $67 per barrel after suffering its longest losing streak since early 2018 as of last week.

“It’s the return of risk appetite in the broader financial markets,” Vandana Insights CEO Vandana Hari told Yahoo Finance of the rebound on Monday. “The real blow last week was signals the Fed might start tapering towards the end of this year, and I think that was a real double whammy for oil.”

The Dow rose as shares of Boeing and Chevron (CVX) outperformed. Shares of Pfizer (PFE) jumped after the pharmaceutical company announced it will acquire the cancer drugmaker Trillium Therapeutics (TRIL) for $2.3 billion. Separately, the U.S. Food and Drug Administration fully approved Pfizer’s top-selling COVID-19 vaccine following months of use under emergency authorization.

Stocks came under pressure late last week after the Federal Open Market Committee’s July meeting minutes signaled that “most” Fed participants believed the economy will have recovered enough to warrant the start of asset-purchase tapering by the end of this year. The S&P 500 posted its first weekly decline in three weeks, albeit while closing out Friday’s session to the upside. Central bank officials are set to hold their annual Jackson Hole Symposium this week starting on Thursday, which could serve as a forum for more remarks about the size and scope of the Fed’s tapering plans.”

Stock market data: Yahoo Finance

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