S&P 500, Nasdaq close at records as tech stocks soar on investor optimism
- US stocks closed mostly higher with the S&P 500 and
Nasdaqhitting record highs.
- Shares of Apple rose 3.2% to hit an all-time high, while Amazon, Facebook, and Tesla all gained over 2%.
- A new roster of meme stocks is emerging.
US stocks closed mostly higher with the S&P 500 and Nasdaq hitting record highs. The
The S&P 500 is up approximately 20% for the year without so much as a 5% pullback, noted Ryan Detrick, chief market strategist for LPL Financial. The benchmark index has made 53 new all-time highs so far. Only two other years- 1964 and 1995-saw more than 50 new highs before August was over, Detrick said.
Here's where US indexes stood at the 4:00 p.m. ET close on Monday:
- S&P 500: 4,528.81, up 0.43%
- Dow Jones industrial average: 35,399.84, down 0.16% (55.96 points)
- Nasdaq composite: 15,265.89, up 0.9%
In a long-awaited speech Friday, Fed chair Jerome Powell reiterated that the central bank could start tapering asset purchases in 2021 but will likely not raise interest rates until at least 2023 as it continues to monitor the progress of the economic recovery out of the pandemic.
The tech rally that was in full view today still has room to run, according to Wedbush's Dan Ives. The analyst said that further multiple expansion and strong fundamentals will boost tech stocks up another 7%-10% for the rest of 2021. Additionally, a rotation out of Chinese stocks amid ongoing regulatory concerns will create a "nirvana set up" for FAANG names.
A new roster of meme stocks is emerging. Support.com and Vinco Ventures extended their three-day rallies to over 100% on Monday.
Robinhood tumbled 7% after SEC chairman Gary Gensler told Barron's banning payment for order flow is "on the table."
Affirm soared as much as 43% in early morning trading after the buy-now-pay-later fintech partnered with Amazon. Amazon customers will now be able to split purchases over $50 into monthly payments.
Legendary investor John Paulson, whose bet against the housing market in 2008 made him a billionaire, said cryptocurrencies are in a bubble and will eventually prove to be worthless.
Gold fell 0.35% to $1,813.10 per ounce.
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