Tech powers S&P 500 to record closing high, Dow now positive for the year
Wall Street advanced on Friday, with technology stocks driving the S&P 500 to its sixth record closing high since confirming a bull market on Aug. 18.
The Nasdaq also set an all-time closing high and the blue-chip Dow is now in positive territory year-to-date.
The S&P 500 is close to wrapping up what appears to be its best August in 34 years.
The Dow Jones Industrial Average rose 161.6 points, or 0.57%, to 28,653.87, the S&P 500 gained 23.46 points, or 0.67%, to 3,508.01 and the Nasdaq Composite added 70.30 points, or 0.6%, to 11,695.63.
Economic data released before the bell showed American consumers, who account for about 70% of the U.S. economy, increased their spending more than expected in July but the savings rate, a barometer of consumer uncertainty, remained elevated well above pre-pandemic levels.
The personal consumption expenditures (PCE) core index, which excludes food and energy, rose at a rate of 1.3% year-on-year. On Thursday, U.S. Federal Reserve Chair Jerome Powell unveiled a new monetary strategy adopting an average annual inflation target of 2%, implying the central bank could keep key interest rates near zero even if inflation rises above its target.
Dow futures rise more than 100 points as Wall Street wraps up its best August in more than 30 years
U.S. stock futures rose on Sunday night as traders were set to end the market’s best August performance since the 1980s.
Dow Jones Industrial Average futures were up 141 points, or 0.5%. S&P 500 and Nasdaq 100 futures gained 0.5% and 0.6%, respectively.
The S&P 500 is up 7.2% month to date, putting the broader-market index on track for its biggest August gain since 1984. The Dow has rallied more than 8% this month and is also headed for its best August in 36 years.
Reference: Reuters, CNBC
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