US Nasdaq clinches record high

The US stock market finished session higher on Tuesday, 20 July 2020, as promising trial results from potential COVID-19 vaccines, improving economic data and a relatively upbeat start to the second-quarter earnings season helped to boost market sentiments. However, market gains capped amid lingering fears about the economic toll from a surge in coronavirus infections.

At closing bell, the Dow Jones Industrial Average rose 8.92 points, or less than 0.1%, to 26,680.87. The S&P 500 index gained 27.11 points, or 0.8%, to 3,251.84. The tech-heavy Nasdaq Composite Index added 263.90 points, or 2.5%, to 10,767.09

The U.S. coronavirus case tally rose to nearly 3.8 million on Monday and the death toll topped 140,000, as new infections continued to surge in the South and West. The escalation of the deadly pandemic in the U.S. is diminishing hopes for a V-shaped, or quick and strong, economic recovery from the pandemic, as the virus taxes the public-health systems of some states and municipalities and forces local officials to restore lockdown measures to limit a more severe outbreak.

 

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