NEW YORK (REUTERS) - The S&P 500 and the Nasdaq reached new record closing highs on Monday (Aug 24) as optimism over potential medical advances in the war against the coronavirus pandemic pushed all three major US stock indexes higher.. Read more at straitstimes.com.
NEW YORK - The S&P 500 and the Nasdaq reached new record closing highs on Monday as optimism over potential medical advances in the war against the coronavirus pandemic pushed all three major US stock indexes higher.
Of note, the Dow Transports index, often considered a barometer of US economic health, handily outperformed the broader market. However, the World Health Organization expressed skepticism about the treatment due to"low quality" data. The Trump administration is considering fast-tracking an experimental Covid-19 vaccine being developed by AstraZeneca Plc and Oxford University in hopes it could be deployed in the United States before Americans head to the polls in November.
On Capitol Hill, Democrats and Republicans remained at loggerheads over funding levels and unemployment benefits. Market participants will pay close attention to US Federal Reserve Chairman Jerome Powell's remarks on monetary policy at this week's Kansas City Fed Jackson Hole symposium, which is being held this year in a virtual format.
Ahead of its 4-to-1 share split on Friday, Apple Inc provided the biggest boost to the S&P 500 and the Nasdaq, its share price closing above $500 days after becoming the first public US company to top $2 trillion in market value. The stock gained 1.2%.
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