Nasdaq ends higher while S&P 500 posts biggest August gain since 1986

The Federal Reserve’s commitment to tolerate inflation and keep interest rates low, positive developments in vaccines and treatments for COVID-19 and a rally in tech-focused stocks have helped the S&P 500 and Nasdaq hit record highs in August.

“The U.S. 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 U.S. investment strategist at Allianz Global Investors in New York, said investors were showing some caution by favoring technology as they looked warily at U.S. and overseas COVID-19 numbers.

While the splits did not provide a fundamental reason to buy the stocks, Mahajan noted that the lower prices may be making the momentum stocks more attractive to some retail investors. For the S&P, this was its longest winning steak on a monthly basis since a six-month run from April to September 2018.

The front facade of the New York Stock Exchange is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid

Who's buying? The FED.

irrational as always, esp in 2020, only some tech stocks should be seeing gains but coz everyone has money (printed + from sold struggling stocks) and nowhere to put it now most of the decent ones are overpriced.

Believe or not the rally is real. Tons of money printed by governments all over is now at work! But stocks!

If only I was financially secure enough to care. Yay for you rich people!! Now I have to get back to looking for work in a town that's not hiring.

When the bandaids get ripped off, the gaping wounds underneath are going to be ugly and festered. SmokeAndMirrors

We're all rich!

* 7% government subsidized growth from $2T bailout

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