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S&P 500 Closed At Another Record High After Strong Economic Data

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Key Points

  • On Friday, the Dow Jones Industrial Average rose by 0.7%, almost 200 points, while the S&P 500 rose by 0.4% and the tech-heavy Nasdaq Composite added 0.4%.
  • The S&P 500 finished at 3,397.24, a new record high after the index originally exceeded its peak from February and regained its losses from the coronavirus pandemic on Tuesday.
  • Current home sales in July saw a record jump of almost 25 percent from the previous month, with the average home selling price reaching an all-time high as well.
  • Visit The Financial Today’s homepage for more stories.

Stocks closed higher on Friday, with the S&P 500 hitting another new record high after both manufacturing and housing data came in stronger than anticipated.

On Friday, the Dow Jones Industrial Average rose by 0.7%, almost 200 points, while the S&P 500 rose by 0.4% and the tech-heavy Nasdaq Composite added 0.4%.

The S&P 500 finished at 3,397.24, a new record high after the index originally exceeded its peak from February and regained its losses from the coronavirus pandemic on Tuesday.

“It might be hard to recall after a long week, but the S&P closed at a record high on Tuesday in one of the fastest rebound – after one of the fiercest bear markets – in history,” says Lindsey Bell, chief investment strategist for Ally Invest. “Record highs usually bring momentum with them,” she adds.

IHS Markit data showed that U.S. manufacturing activity reached its highest level in 19 months in August, while services reached its highest level in 17 months, amid higher demand from clients.

Current home sales in July saw a record jump of almost 25 percent from the previous month, with the average home selling price reaching an all-time high as well.

Apple’s shares rose to a new record high by more than 5 percent after the tech giant became the first publicly traded U.S. company to reach a market capitalization of over $2 trillion earlier this week.

Ongoing worries about a lack of progress on the next coronavirus stimulus bill kept market sentiment in check: Democrats and Republicans have been locked in a stalemate for weeks.

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