Stock market today August 26, 2020
August 26, 2020
Stock market today
“Stocks rose to fresh record highs Wednesday, and tech stocks powered the Nasdaq higher by more than 1%. Investors eyed upbeat developments around Moderna’s (MRNA) Covid-19 vaccine candidate, encouraging signs around US-China trade progress and a strong batch of corporate earnings results. Treasury yields moved higher, and the benchmark 10-year yield tipped back above 70 basis points.
On the US-China trade front, China is poised to purchase a record amount of US soybeans in 2020 following a drop in prices of the agricultural product this year during the pandemic, Bloomberg said in a report citing unnamed people familiar with the matter. The news added to other positive developments around the state of trade between the two countries earlier this week with the Office of the US Trade Representative saying Monday that US and Chinese officials “see progress” and are looking to “ensure the success” of the Phase One trade agreement.
US equity markets have continued to climb higher in recent sessions, powered yet again by the mega-cap tech firms that have led the broader market higher for months now. The S&P 500 ended Tuesday’s regular session with a record close, marking the blue-chip index’s third straight settlement at a record level. The Nasdaq also ended at a record for a fourth straight day, as shares of big tech firms Facebook (FB), Alphabet (GOOG, GOOGL) and Amazon (AMZN), rocketed to their own highest-ever levels.
The Dow underperformed and held near the flat line Wednesday, as shares of Exxon Mobil (XOM), Raytheon Technologies (RTX) and Pfizer (PFE) – the three companies set to depart from the index at the beginning of next week – extended declines. Salesforce (CRM), which is set to replace Exxon Mobil in the Dow, added to its record closing level from Tuesday, with the stock surging after the company topped second-quarter earnings expectations and raised its revenue outlook for the year on increased software demand during the pandemic.”
Stock market close today
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 movers today
Stocks that moved today:
salesforce.com, inc. (CRM) stock surged more than 25% with a stock price at the close of 272.36+56.31 (+26.06%).
At 4:09 PM, ET time today the crude oil price was flat and gold price was higher.
Crude Oil: 43.38,+0.03(+0.07%)
The 10-yr bond yield closed at 0.6870+0.0050 (+0.73%).
Stock market data: Yahoo Finance