New York, The S&P 500 on Tuesday rose for an eighth straight session and was within striking distance of its February peak, a level last seen before the onset of the coronavirus crisis that caused one of Wall Street’s most dramatic crashes in history, according to Reuters.
The broader benchmark index was about half a percent below the all-time high it hit on Feb. 19, when investors started dumping shares in anticipation of what proved to be the biggest slump in the U.S. economy since the Great Depression.
Nasdaq, the tech-heavy index has led the charge, boosted by “stay-at-home winners” Amazon.com Inc, Netflix Inc and Apple Inc. The index was down about 0.1%.
Blue-chip Dow surged 1%, coming within 5% of its February peak.
Value stocks have outperformed tech-focused growth stocks recently, reflecting market’s confidence in improving economic outlook. On Tuesday, the Russell 1000 value index rose 0.9%, while the Russell 1000 growth index edged up 0.1%.
Financials and industrials, which have lagged the benchmark index this year, provided the biggest boost to the S&P 500 on Tuesday as it eyes its longest streak of gains since April 2019.
The S&P index recorded 41 new 52-week highs and no new low, while the Nasdaq recorded 82 new highs and nine new lows.
Source: Saudi Press Agency