S&P closes just short of record high as markets rally

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

Aug. 12 (UPI) — The S&P 500 narrowly missed a record close on Wednesday as markets rallied after a poor performance on Tuesday.

At the end of trading Wednesday, the S&P 500 gained 1.4% to reach 3,380.35 points, falling just short of its record closing high of 3,386.15 and 0.4% below its intraday all-time high.

The Dow Jones Industrial Average gained 296.23 points, or 1.07%, while the Nasdaq Composite increased 2.13%.

Tech stocks, which had stumbled to begin the week helped to lead the rally Wednesday, as Apple gained 3.32%, Microsoft rose 2.86% Amazon grew 2.65%, Facebook increased 1.47%, Netflix rose 1.83% and Google’s parent company, Alphabet, ended the day up 1.8%.

Despite the United States reporting fewer than 50,000 new COVID-19 cases, stocks related to travel, retail and other business that would benefit from lifting restrictions related to the pandemic performed poorly on Wednesday, with Carnival falling 4%.

Bank stocks also faltered on Wednesday as JPMorgan Chase stock fell 0.85%, Citigroup dropped 0.76% and Bank of America slid 0.71%.

Markets also responded positively to President Donald Trump announcing Tuesday that the United States reached a deal with biotech company Moderna to secure 100 million doses of its COVID-19 vaccine candidate.

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