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S&P 500 Hits Another Record High

But Dow was down after mixed day for markets
By Newser Editors and Wire Services
Posted Aug 25, 2020 4:39 PM CDT

(Newser) – Stocks were mixed on Wall Street Tuesday, but gains were strong enough for tech companies and other pockets of the market to carry the S&P 500 to its fourth straight gain and another record high. The benchmark index rose 12.34, or 0.4%, to 3,443.62, even though slightly more stocks within it sank than rose, the AP reports. The Dow Jones Industrial Average fell 60.02, or 0.2%, to 28,248.44, and the Nasdaq composite rose 86.75, or 0.8%, to 11,466.47. The modest moves followed some more mixed data reports on the economy. One showed that consumer confidence unexpectedly dropped this month, contrary to economists’ forecast for a strengthening.

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Another data report said sales of new homes accelerated faster than economists expected last month. They fit in with a general slowing of the economy recently, following its plummet into recession earlier this year and subsequent, initial burst off the bottom. Earlier in the morning, most stocks on Wall Street had been edging higher after the United States and China said they held constructive talks as they negotiate how to implement their "Phase 1" deal, which set a truce in their trade war. The US Trade Representative said "both sides see progress" following trade talks between the world's two largest economies. (Three companies, including the oldest member, are being removed from the Dow index.)


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