Tuesday, August 11, 2020

MAGA: Stocks Pass NEW Milestone

U.S. stocks traded sharply higher as investors chased a market breaking out on better-than-expected earnings and rising economic optimism under President Donald Trump.

The Dow Jones industrial average broke above 26,000 for the first time earlier in the session. At 12:47 p.m. ET, the Dow traded 122 points higher, slightly below the milestone level. The 30-stock index was boosted by gains in UnitedHealth and Merck.

It took the Dow just 12 calendar days, or seven trading days, to move from 25,000 to 26,000, making it the fastest 1,000 move on record for the index. It first traded above 25,000 on Jan. 4.

The S&P 500 gained 0.2 percent and briefly traded above 2,800 for the first time. Real estate and health care were the best-performing sectors in the index. The Nasdaq composite advanced 0.2 percent and also hit a record.

AAN Staff
AAN Staff
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