Dow achieves 373 points, Nasdaq marks 31st record and S&P 500 finishes 1.7% of its all-time high as everything rallies
US stocks ended on or near records Wednesday, with the S&P 500 steps away from its all-time high in February and the Nasdaq Composite hit its 31st record high of 2020. Hopes of further encouragement from the U.S. government to help out-of-work Americans were attributed to some of Wall Street’s optimistic trade, although some data was weaker than expected, paving the way for a jobs report on Friday that may underline that a Increase in infections from COVID-19 has stalled a hold of the recent resurgence of business brought about by measures to keep the virus at bay. Payroll Provider Automatic Data Processing Inc. also said that only 167,000 private sector jobs were created in July, far from the 1.88 million economists’ forecasts surveyed by Econoday. However, a reading of the services sector index services from the Institute for Supply Management rose to a reading of 58.1 in July, which exceeded expectations and signaled stronger economic growth. Deal activity also generated some optimism, as Teladoc Health Inc. and Livongo Health Inc. Wednesday said they agreed to pool a deal worth $ 18.5 billion to create a company that can meet a spectrum of health needs using virtual care. A nearly 9% increase in Walt Disney Co. shares. after the quarterly results it also helped lift the Dow and the wider market. The Dow Jones Industrial Average closed about 373 points, or 1.4%, on 27,201, representing the highest closing level since June 8. The S&P 500 index ended 0.6% higher at around 3,328, bringing the broad market benchmark down 1.71% from its February 19 record high at 3,386.15, while the Nasdaq Composite Index closed 0.5% to 10,992, short reached psychological round number level at 11,000 intraday, marking a record high. The tech heavy index has closed six consecutive sessions in a row. Earnings for equities also came as the gold price ended at a record close to 2,050, based on futures for December delivery, raising some concerns about the pace of inventory gains and the excessive amounts of money that governments have given out for damages of the COVID-19 pandemic.