You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

S&P 500 and Nasdaq notch fresh records

Capital Market 

US stocks closed modestly higher Friday, with the Dow Jones Industrial Average erasing its losses for the year to date and the S&P 500 and Nasdaq indexes carving out fresh record closes.

The Dow Jones industrial average jumped 161.60 points, or 0.6 percent, to settle at 28,653.87, which put the blue-chip index in positive territory for the year and pulled it within a few percentage points of the all-time high set in February. Walmart and Coca-Cola led the way for the Dow, rising 2.7% and 3.3%, respectively.

The S&P 500 rose 23.46 points, or 0.7%, to close at 3,508.01. It was the index's first-ever close above 3,500. Tech and energy were the best-performing sectors in the S&P 500, gaining 1.1% and 1.9%, respectively.

The Nasdaq Composite advanced 70.30 points, 0.6%, to 11,695.63.

On the data front, U.S. consumer spending rose 1.9% in July, the Commerce Department said. Personal income was also stronger than expected, rising 0.4%. The final reading of the University of Michigan's August consumer sentiment index came in at 74.1 versus a preliminary reading of 72.8 and up from 72.5 in July.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, August 29 2020. 11:54 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU