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US Stocks Climbed To An All-time High
US stocks climbed to an all-time high after purchases of technology companies' stock outweighed sales to banks. However, the index eased somewhat later.
Yazar: Tom Roberts
Yayınlanma: 17 Ağustos 2020 22:16
Güncellenme: 7 Kasım 2024 10:45
US Stocks Climbed To An All-time High
US stocks climbed to an all-time high after purchases of technology companies' stock outweighed sales to banks. However, the index eased somewhat later.
The benchmark Standard & Poor's 500 Index surpassed its record high in February on a closing basis, with the support of the Bank of China (PBOC) injecting cash into the markets to bring purchases to stocks. The index rose above this level twice last week, but then declined. The technology-focused Nasdaq 100 Index outperformed others after the strong financials of online retailer JDcom Inc bolstered gains in technology shares, alongside the support of the leap in Tesla Inc and Nvidia Corp. The big banks came after Berkshire Hathaway Inc, owned by renowned investor Warren Buffett, cut its shares in major banks. Boeing Co put downward pressure on the Dow Jones Index.
The faint rally in stocks caused the S&P 500 Index to jump 50 percent from March lows, driven by unprecedented large stimulus packages and better-than-expected economic data and corporate profits. David Kostin of Goldman Sachs Group Inc raised the year-end target for the S&P 500 from 3,000 to 3,600, pointing out that the US economy could grow stronger than expected due to the positive news from the vaccine front.
The S&P 500 Index climbed 13.70 points, or 0.4 percent, to 3,386.50 points before reaching 3381 levels. The Dow Jones Index dropped 6.54 points, or 0.02 percent, to 27,924.48 points, while the Nasdaq Index rose 80.66 points, or 0.73 percent, to 11,099.96 points.
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