Nasdaq hits new record as tech stocks rise, S&P 500 misses all-time high

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20, 2020. Photo by John Angelillo/UPI

Aug. 17 (UPI) — The Nasdaq Composite hit an intraday high to start the week behind strong performances by tech stocks, while the S&P 500 failed to achieve a record high despite slight gains.

The Nasdaq increased 1% at the end of trading on Monday, while the S&P 500 gained 0.27% remaining short of its Feb. 19 record close of 3,386.15. The Dow Jones Industrial Average, however, fell 85.57 points — or 0.31% — to end the day.

Amazon stock rose 1.09% to help lead the Nasdaq higher, while Google’s parent company, Alphabet, traded 0.77% higher and Microsoft gained 0.66%.

The S&P 500’s consumer discretionary sector rose 1.2% to lead the market higher, while the materials sector gained 0.4%.

Boeing stock fell 3.4% and American Express stock dropped 2.85%, contributing to the Dow’s decline.

Markets were also impacted by Republicans and Democrats in Congress indicating that they remain separated on a deal for another round of coronavirus stimulus and disagreements over funding the U.S. Postal Service.

“While aid for state and local governments and enhanced unemployment aid remain the most contentious issues, funding for the USPS ahead of mail-in voting has emerged as a new issue,” Mark Hackett, CEO of investment research at Nationwide, said, according to MarketWatch.

“While the S&P 500 is within 1% of the all-time high from February, several attempts last week to break through to a new high failed,” Hackett said. “With earnings season largely over and fiscal stimulus unlikely for at least a month, markets lack a catalyst to help markets overcome technical resistance.”


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