Stocks hit record highs Tuesday, building on the momentum from the best August in 36 years.
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The Dow Jones Industrial Average gained 79 points, or 0.29%, while the S&P 500 and the Nasdaq Composite hit new records and were higher by was 0.4% and 1%, respectively.
The S&P 500 booked its best August since 1984 while the Dow Jones Industrial Average recorded its best August since 1986 as both rallied over 7%. The Nasdaq, meanwhile, recorded its best August since 2000, rising 9.6 percent.
Looking at stocks, Tesla Inc. shares were in focus after the company announced plans to raise up to $5 billion through a stock offering. Shares gained 13% on Monday, the first day of trading since the stock split 5-for-1.
Meanwhile, Apple Inc. has asked suppliers to build at least 75 million 5G iPhones, Bloomberg reported, citing sources. Shares gained 3.39% on Monday, the first day of trading following their 4-for-1 split.
Zoom Video Communications Inc. reported earnings that more than doubled Wall Street estimates and raised its annual revenue forecast as the work-from-home environment converts more users to its paid subscription service.
Walmart Inc. will launch its $98 per year Amazon Prime competitor Walmart+, the company said on Tuesday. The service offers free same-day delivery and allows customers to check out themselves while shopping in stores via the app.
Eastman Kodak Co. disclosed quant hedge fund D.E. Shaw has amassed a position of 3.94 million shares, good for a 5.2% stake. Kodak remains under a U.S. Securities and Exchange investigation related to its disclosure of a $765 million loan to aid its pivot in the generic drug business.
Looking at commodities, gold climbed $2.70 to $1,981.30 an ounce and West Texas Intermediate crude oil added 74 cents to $43.35 per barrel.
U.S. Treasurys slid, causing the yield on the 10-year note to climb by 2.3 basis points to 0.716%.
In Europe, Germany’s DAX was trading higher by 0.32% while France’s CAC edged up 0.05%. Britain’s FTSE was closed for holiday.
Asian markets finished mixed with China’s Shanghai Composite advancing 0.44%, Hong Kong’s Hang Seng ticking up 0.03% and Japan’s Nikkei slipping 0.01%.