Saturday, 29 Aug 2020 07:38 AM MYT
The Nasdaq also set an all-time closing high and the blue-chip Dow is now in positive territory year-to-date.All three major US stock indexes ended the week higher than last Friday's close, marking the fifth consecutive weekly gains for the S&P and the Nasdaq. Economic data released before the bell showed American consumers, who account for about 70 per cent of the US economy, increased their spending more than expected in July but the savings rate, a barometer of consumer uncertainty, remained elevated well above pre-pandemic levels.
The Dow Jones Industrial Average rose 161.6 points, or 0.57 per cent, to 28,653.87, the S&P 500 gained 23.46 points, or 0.67 per cent, to 3,508.01 and the Nasdaq Composite added 70.30 points, or 0.6 per cent, to 11,695.63. Walmart Inc announced it was joining Microsoft Corp in its bid for TikTok's US assets from Chinese owner ByteDance.Nutanix Inc soared by 29.2 per cent after the cloud service provider beat earnings expectations and Bain Capital invested about US$750 million in the company.
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