S&P 500, Nasdaq end at record highs in tech-fueled rally



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S&P 500, Nasdaq end at record highs in tech-fueled rally

On Tuesday, all three key indices of Wall St. had rounded off the day in a jubilant note, while a tech-fueled rally had driven the benchmark Standard & Poor 500 alongside Nasdaq Composite to record closing highs with Apple Inc.

and Zoom Video Communication Inc. shares leading the rally. In point of fact, apart from an explosive rally of the Cupertino-based iPhone maker a day after its four-to-one stocks’ split alongside a roughly 40 per cent spacedive in Zoom video shares, an upbeat ISM (Institute of Supply Management) survey report for US Manufacturing Activity Purchasing Managers’ Index that rose to 56.0 in August on an adjusted basis, the index’s highest level since the November of 2018 alongside affirmative headlines over a second round of pandemic stimulus talks in the Capitol Hill had ramped up investors’ optimism.

Wall St. logs fifth straight monthly gain as US stocks extend gains

In tandem, as a tech-fueled rally alongside US Fed supports have been cheering up the overall Wall St. atmosphere, US capital market had bagged its fifth straight monthly gain and the benchmark S&P 500’s strongest August on Tuesday’s market wind down.

Apart from that, Apple Inc. added as much as 4 per cent a day after its stocks’ split following reveal of a media headline that the company had placed orders to its suppliers for at least 75 million 5G iPhones due to be released later this year, eventually stepping up investors’ hope while Zoom shares surged 40.8 per cent after the video conferencing platform provider had raised its full-year revenue forecast by as much as 30 per cent.

Besides, fueling up the market participants’ optimisms further, White House Chief of Staff Mark Meadows said late on Tuesday that a pandemic relief bill was expected to be brought up in the US Congress as early as by next week.

Citing statistics, on Tuesday’s market closure, the trade-sensitive Dow added 0.76 per cent to 28,645.66 and S&P 500 gained 0.75 per cent to 3,526.65, while Nasdaq surged 1.39 per cent to wind up the day at 11,939.67.

Meanwhile, addressing to a flurry of positive momentums electrifying the Wall St., the US head of equity and derivative strategy at BNP Paribas in NY, Greg Boutle said on Tuesday’s Wall St. wrap-up, “At the moment the market is seeing a lot of positive momentum.

So, if you get OK-to-good data and anything from the political landscape that looks like it’s moving more toward a compromise, that’s constructive for markets.