The S&P 500 bounced back from a modest loss in the early going to finish 0.8% higher a day after the benchmark index wrapped up its fifth monthly gain in a row. More strength in technology stocks and solid gains in retailers and other companies that rely on consumers offset declines in healthcare companies and elsewhere in the market. Treasury yields fell.
The Nasdaq composite rose 164.21 points, or 1.4%, to 11,939.67. The Russell 2000 index of smaller company stocks also bounced back from a sluggish start, adding 16.71 points, or 1.1%, to 1,578.58.The stock market has continued its remarkable turnaround since plunging nearly 34% earlier this year as the COVID-19 pandemic knocked the economy into a downturn. The S&P 500 closed out August with a 7% gain, its best showing since April. It’s now up 9.
Whether the market can sustain its upward trajectory in September, traditionally the worst month for stocks, will depend on how several potentially market-moving variables play out the next few months.
Another recent high-flier, Tesla, fell 4.7% after the electric-car maker said it would sell up to $5 billion in stock. Tesla has risen more than five-fold this year and did a 5-for-1 stock split on Monday.
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