NEW YORK - While the S&P boasted its steepest August percentage gain in more than three decades it ended Monday slightly lower and the Dow also lost ground as investors took a pause although the Nasdaq closed higher thanks to high-flying stocks including Apple Inc.
"It's a momentum trade. People are flooding to the technology companies they think will do well regardless of the pandemic," said Chris Zaccarelli, chief investment officer, Independent Advisor Alliance."The US just passed 6 million cases, a further reminder that the pandemic is here to stay until we do something about it. Clearly it has an impact on all businesses but some are more pandemic resistant," he said.
With the S&P reaching 3.8% above its pre-crisis record during the session, Mona Mahajan, senior US investment strategist at Allianz Global Investors in New York, said investors were showing some caution by favoring technology as they looked warily at US and overseas Covid-19 numbers. For the month the S&P showed a gain of 7.01%, its biggest advance for August since 1986 when it rose 7.1% that month.
Apple ended the day 3.4% higher at $129.04 while Tesla closed up 12.6% at $498.32. Aimmune Therapeutics Inc's shares soared 171.6% after Swiss food group Nestle SA offered to pay $2 billion for full ownership of the peanut allergy treatment maker.
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Source: The Straits Times - 🏆 8. / 63 Read more »