The stock market closes at a record high, defying the COVID-fueled recession battering the US economy

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The stock market closes at a record high, defying the COVID-fueled recession battering the US economy
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The stock market closes at a record high, defying the COVID 19-fueled recession battering the US economy

The S&P 500 rose 0.2% to above 3,389, breaking past its previous Feb. 19 high to finish at the highest closing level on record. The Dow Jones industrial average fell roughly 67 points to about 27,777, off 6% from its Feb. 12 peak. The technology-laden Nasdaq Composite rose 0.7% to above 11,210, which had rebounded to records in June and touched another high Tuesday.

The resurgence comes despite a backdrop of historic job losses, bankruptcies and shrinking corporate profits after the economic fallout from the worst global pandemic in a century and one of the sharpest downturns since the Great Depression. The U.S. leads the world in coronavirus cases, recently surpassing 5.4 million, or roughly a quarter of global infections.

Still, investors have shrugged off a string of dismal economic data in recent months and a spike in outbreaks, opting to instead scoop up stocks at bargain prices as optimism grows for an economic recovery with further stimulus and a vaccine. Investors have also gained confidence from a strong housing market, improved consumer spending and better-than-expected second-quarter corporate profits.

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