S&P 500 closes at record high, recouping coronavirus losses

  • World
  • Wednesday, 19 Aug 2020

NEW YORK, Aug. 18 (Xinhua) -- The S&P 500 closed at a new record high on Tuesday, fully wiping out its losses triggered by the coronavirus pandemic.

The benchmark index increased 7.79 points, or 0.23 percent, to end at 3,389.78, surpassing its previous record close on Feb. 19. It hit an intraday all-time high of 3,395.06 earlier in the session.

The Nasdaq Composite Index rose 81.12 points, or 0.73 percent, to 11,210.84, also a record close. However, the Dow Jones Industrial Average fell 66.84 points, or 0.24 percent, to 27,778.07.

Shares of some big U.S. tech names rallied, contributing to market gains. Amazon shares soared more than 4 percent, while Google-parent Alphabet and Netflix climbed 2.6 percent and 2 percent, respectively.

Shares of Dow components Home Depot and Walmart both slipped despite strong earnings results.

Meanwhile, U.S.-listed Chinese companies traded mostly higher, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

On the data front, U.S. home construction starts jumped by 22.6 percent to 1.496 million in July, the Department of Commerce reported on Tuesday. The reading exceeded market consensus.

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