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S&P 500, Nasdaq Start Month With New Highs

Zoom was up more than 40%
By Newser Editors and Wire Services
Posted Sep 1, 2020 4:16 PM CDT

(Newser) – Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs. The S&P 500 bounced back from a modest loss in the early going to finish 0.8% higher a day after the benchmark index wrapped up its fifth monthly gain in a row, the AP reports. More strength in technology stocks and solid gains in retailers and other companies that rely on consumers offset declines in health care companies and elsewhere in the market. The S&P 500 gained 26.34 points to 3,526.65. The index set several new highs last month. The Dow Jones Industrial Average recovered from an early, 139-point skid, climbing 215.61 points, or 0.8%, to 28,645.66. The Nasdaq composite added 164.21 points, or 1.4%, to 11,939.67.

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Zoom Video Communications soared more than 40% a day after the video conferencing service reported another quarter of explosive growth Terry Sandven, chief equity strategist at US Bank Wealth Management, says stocks “have fast become a buy high, sell higher market, and for good reason." Sandven says investors are right to take a "glass half full" view of the strengths underlying the market, which could continue to trend upward. Stocks perked up Tuesday following the release of some encouraging economic data. The Commerce Department said US construction spending edged higher in July, breaking a string of losses due to disruptions caused by the pandemic. And the Institute for Supply Management said its latest manufacturing index increased last month, reflecting a faster pace of expansion by American factories.

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