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Markets

Nasdaq, S&P 500 again end US trading at records

  • The tech-rich Nasdaq Composite Index finished up 0.2 percent at 15,041.86, setting a new all-time high for the third straight day.
Published August 25, 2021 Updated August 26, 2021

NEW YORK: Wall Street indices closed at records again on Wednesday, as traders bet the current wave of Covid-19 infections will dissipate, allowing the world's largest economy to continue recovering.

The broad-based S&P 500 closed 0.2 percent higher at 4,496.19, its second consecutive record.

The tech-rich Nasdaq Composite Index finished up 0.2 percent at 15,041.86, setting a new all-time high for the third straight day.

The benchmark Dow Jones Industrial Average gained 0.1 percent to end at 35,405.50.

"The rebound for stocks has come amid cooling concerns about the global spread of the Delta variant, as data suggests cases may be peaking and as the (US Food and Drug Administration) fully approved a coronavirus vaccine this week," analysts from Charles Schwab investment bank said.

The fast-spreading variant of the coronavirus had caused traders to pull back in recent weeks on worries that it would again complicate the business climate.

Nasdaq scales new peak; Fed caution keeps S&P 500, Dow muted

However, the week is not over yet. Federal Reserve Chair Jerome Powell is due to speak on Friday at a central banking conference, and traders are waiting to see if he gives any details on shifts in the easy money policies that have been credited with fueling recent equity rallies.

The only major economic report on Wednesday was the Commerce Department data showing a slight dip in orders for big-ticket manufactured goods last month, though defense orders kept spending from a worse slump.

Among individual shares, Boeing dropped 0.2 percent after the Federal Aviation Administration announced it would open a review of the company's operations to follow up on feedback from inspectors showing many feel they are unable to share their concerns with regulators.

Delta Air Lines gained 1.9 percent after it said it would impose a $200 monthly surcharge on employees who do not get vaccinated against Covid-19.

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