S&P 500 hits record high, wiping out losses from early 2020
The S&P 500 finally closed at a record all-time high since February, erasing losses made earlier in the year when the COVID-19 pandemic started to put a dent in markets. While the Nasdaq also closed at a record high, the Dow still couldn’t pull through for a second consecutive session.
The Dow Jones Industrial Average slipped by 0.24% (67 points).
The S&P 500 index ended the session 0.22% higher with Amazon.com leading the rally as its shares rose by 4%. Meanwhile, the Nasdaq Composite followed suit with a 0.73% climb.
Adding to the S&P’s jump was Walmart Inc’s online sales, which skyrocketed to a record. However, with diminishing stimulus funds, its revenue slowed and its shares traded lower. Home Depot Inc. also reported a similar rise in sales but saw a drop in its shares as outlook remains bleak.
Meanwhile, market sentiment found further optimism after U.S. housing data released on Tuesday showed that home building had accelerated to its highest in almost four years. The data signaled that the housing sector was one of the few key areas of strength amid a pandemic-induced slowdown in the economy.