Dow rallies 200 points to start August, Nasdaq closes at record led by Microsoft and Apple
Stocks rose on Monday, the first trading day of August, as Wall Street tried to build on its four-month winning streak.
The Dow Jones Industrial Average closed 236.08 points higher, or 0.9%, at 26,664.40. The Nasdaq Composite jumped 1.5% to an all-time high, ending the day at 10,902.80. The S&P 500 gained 0.7% to 3,294.61, its highest closing level since Feb. 21. The S&P 500 is also within 3% of reaching an all-time high.
Shares of major tech companies led the way higher for the broader market. Microsoft gained more than 5% after confirming reports about being in talks to buy social video app TikTok in the U.S. The talks come even as President Donald Trump threatens to ban TikTok because of security concerns over its parent company’s ties to China. Apple and Netflix rose 2.5% and 2%, respectively.
Republican and Democratic lawmakers remain at a standstill over some components of the next coronavirus relief legislation.
The key debate that separates the two parties is the federal boost to unemployment assistance, which was set at $600 per week in March but recently expired. While the White House has come out in favor of reducing the federal assistance to $200 a week, Democrats have called for keeping it at the $600 level.
Reference: CNBC
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