Dow, S&P 500 cap off best August in more than 30 years as tech rally offsets broad weakness
stocksclosed mixed on Monday as an Apple-led rally in tech shares offset broad weakness in the energy, material, and financial sectors.
- The benchmark S&P 500 slid slightly but still posted its best August return since 1986. The
Dow Jones Industrial Averagesaw its strongest August since 1984.
- Both Apple and Tesla gained after undergoing stock splits.
- The strong month comes as coronavirus cases continue to climb in the US. Tensions between the US and China also remain elevated over the potential sale of TikTok.
- Read more on Business Insider.
US stocks closed mixed on Monday as an Apple-led rally in tech shares offset broad weakness in the energy, material, and financial sectors. The Dow Jones Industrial Average and S&P 500 ultimately capped off their best August returns since the mid-1980s.
The benchmark S&P 500 slid slightly but still posted its best August return since '86. The Dow Jones Industrial Average turned in its strongest August since '84.
The historic August comes on the heels of repeated records for the S&P 500 and Nasdaq composite index last week. They were driven higher by encouraging consumer-spending data and prospects of a prolonged low-interest-rate environment.
Here's where US indexes stood at the 4 p.m. ET market close on Monday:
- S&P 500: 3,500.31, down 0.2%
- Dow Jones Industrial Average: 28,430.05, down 0.8% (224 points)
- Nasdaq composite: 11,775.46, up 0.7%
Read more: US Investing Championship hopeful Matthew Caruso landed a 382% return in the first half of 2020. He shares the unique twist he's putting on a classic trading strategy — and 3 stocks he's holding right now.
Abroad, Nikkei 225 stocks rose in Japan, boosted after Warren Buffett's Berkshire Hathaway said on Sunday — Buffett's 90th birthday — that it bought stakes in five of the country's largest trading companies.
Despite major indexes sitting near
Meanwhile, coronavirus cases continue to climb in the US, hanging over
Oil slumped on Monday. West Texas Intermediate crude fell as much as 1% to $42.56 per barrel. November-expiry contracts of Brent crude, the international benchmark, slipped 1.3% to $45.21 at intraday lows.
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