Dow, S&P 500 Drifted From Records, Nasdaq Hit New Peak

NYSE

Key Points

  • As markets tracked surging US coronavirus case counts and the potential for additional stimulus spending from Washington, Wall Street stocks ended mostly lower Monday.
  • To end the day at 30,069.79, the Dow Jones Industrial Average fell 0.5 percent, and the broad-based S&P 500 lost 0.2 percent to 3,691.97.
  • But for its third consecutive record, the tech-rich Nasdaq Composite Index soared 0.5 percent to 12,519.95.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — As markets tracked surging US coronavirus case counts and the potential for additional stimulus spending from Washington, Wall Street stocks ended mostly lower Monday.

The Nasdaq closed at yet another all-time record. Two of the three main indices pulled back from Friday’s records.

To end the day at 30,069.79, the Dow Jones Industrial Average fell 0.5 percent, and the broad-based S&P 500 lost 0.2 percent to 3,691.97.

But for its third consecutive record, the tech-rich Nasdaq Composite Index soared 0.5 percent to 12,519.95.

In recent days, new cases of COVID-19 in the United States have reached new records, coupled with increasing mortality rates and hospitalizations.

Equities, though, have still risen to new highs as investors make bets based on hopes that a large rollout of coronavirus vaccines would cause a significant economic recovery.

Markets have also been encouraged by remarks made in recent days by key Washington power brokers that have improved the chances for additional stimulus spending before the end of the year.

Spartan Capital’s Peter Cardillo said the mediocre session on Monday represented profit-taking, with the “excuse” of the slow stimulus progress after no big announcements on a bill over the weekend were made.

Among individual firms, after a story that Apple is designing its own chip technologies for its devices, Intel plummeted 3.4 percent.

AFP contributed to this story. Image by Michael Daddino

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