AIRLINK 74.00 No Change ▼ 0.00 (0%)
BOP 4.99 Decreased By ▼ -0.03 (-0.6%)
CNERGY 4.45 Increased By ▲ 0.03 (0.68%)
DFML 39.80 Increased By ▲ 0.60 (1.53%)
DGKC 86.80 Increased By ▲ 0.71 (0.82%)
FCCL 21.60 Decreased By ▼ -0.05 (-0.23%)
FFBL 34.03 Increased By ▲ 0.02 (0.06%)
FFL 9.81 Decreased By ▼ -0.11 (-1.11%)
GGL 10.69 Increased By ▲ 0.13 (1.23%)
HBL 113.50 Decreased By ▼ -0.39 (-0.34%)
HUBC 136.94 Increased By ▲ 1.10 (0.81%)
HUMNL 12.60 Increased By ▲ 0.70 (5.88%)
KEL 4.77 Decreased By ▼ -0.07 (-1.45%)
KOSM 4.51 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.20 Decreased By ▼ -0.07 (-0.18%)
OGDC 136.90 Increased By ▲ 2.05 (1.52%)
PAEL 26.10 Decreased By ▼ -0.25 (-0.95%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.76 Increased By ▲ 0.08 (1.2%)
PPL 122.70 Decreased By ▼ -0.30 (-0.24%)
PRL 27.25 Increased By ▲ 0.56 (2.1%)
PTC 14.29 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.00 Decreased By ▼ -1.12 (-1.89%)
SNGP 68.15 Decreased By ▼ -1.35 (-1.94%)
SSGC 10.35 Increased By ▲ 0.02 (0.19%)
TELE 8.46 Decreased By ▼ -0.04 (-0.47%)
TPLP 11.24 Increased By ▲ 0.01 (0.09%)
TRG 64.00 Decreased By ▼ -0.85 (-1.31%)
UNITY 26.53 Increased By ▲ 0.28 (1.07%)
WTL 1.33 Decreased By ▼ -0.01 (-0.75%)
BR100 7,868 Increased By 17.9 (0.23%)
BR30 25,367 Increased By 30.6 (0.12%)
KSE100 75,386 Increased By 179.3 (0.24%)
KSE30 24,232 Increased By 89.3 (0.37%)
Business & Finance

Dow ends with best August since 1984, Nasdaq at record

  • Federal Reserve Vice Chair Richard Clarida on Monday described as "critical" a shift in the US central bank's monetary policy to allow higher inflation to maximize employment.
Published September 1, 2020

NEW YORK: Wall Street closed out a banner August with a mixed session Monday, with tech shares propelling the Nasdaq to another record and a newly-tweaked Dow index retreating.

The tech-rich Nasdaq Composite Index gained 0.7 percent to score its second straight record after weeks of repeated records, closing at 11,775.46.

The Dow Jones Industrial Average dropped 0.8 percent to end the day at 28,430.05, but still enjoyed its best August since 1984. And the S&P 500 retreated from its latest record, losing 0.2 percent to finish the month at 3,500.31 in its best August since 1986.

In spite of the Dow's drop, it was "still a pretty good month," said Art Hogan, chief market strategist at National Securities. Monday's pullback simply reflects "the ebbs and flows of the market."

Hogan expects light trading volume throughout the week, traditionally a vacation period ahead of the Labor Day holiday.

The gains in August have followed extraordinary fiscal and monetary measures to boost the coronavirus-battered US economy and have come as investors have shrugged off a partisan stalemate in Washington that has blocked progress on another big spending package.

Federal Reserve Vice Chair Richard Clarida on Monday described as "critical" a shift in the US central bank's monetary policy to allow higher inflation to maximize employment.

The final trading session of the month was the first with new Dow components, Amgen, Honeywell International and Salesforce. Amgen and Salesforce both gained, while Honeywell was among the industrial giants to fall.

Airlines also were broadly lower after both Delta Air Lines and United Airlines eliminated change fees for US travel. Both carriers fell more than three percent following the announcements.

Comments

Comments are closed.