The Wall Street bear market officially ended with the S&P 500 rising to a record close for the first time since February
NEW YORK - The S&P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic and crowning one of the most dramatic recoveries in the index’s history.
Doubts about the underlying health of the economy, however, persisted in Tuesday’s session, with lukewarm reactions to bumper results from Home Depot and Walmart limiting gains. “The rally has more to do with asset inflation, which is fueled by all the liquidity and all the continued support in the economy as well as the weakening dollar,” he added.The Dow Jones Industrial Average fell 66.84 points, or 0.24%, to 27,778.07, the S&P 500 gained 7.79 points, or 0.23%, to 3,389.78 and the Nasdaq Composite added 81.12 points, or 0.73%, to 11,210.84.
Data on Tuesday showed U.S. homebuilding accelerated by the most in nearly four years in July in the latest sign the housing sector is emerging as one of the few areas of strength in an economy suffering a record slowdown. That further added to market optimism.
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