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Home Economy Weekly Comic: Big Tech Shares Lift S&P 500, Nasdaq To New All-Time Highs

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imageEconomy12 hours ago (Aug 22, 2020 08:46AM ET)

Investing.com – Stocks on Wall Street notched their fourth weekly gain in a row on Friday, with the S&P 500 and Nasdaq both rising to new all-time highs, as the economy continues to recover from the Covid-19 pandemic.

The S&P 500 finished the session up 0.34% to end at 3,397, a new record closing high.

The Nasdaq Composite advanced 0.42% to end the day at 11,311, also a record close.

The Dow Jones Industrial Average meanwhile gained 190 points, or 0.69%, and settled at 27,930. It remains about 5.5% below its all-time high in February.

For the week, the tech-heavy Nasdaq surged 2.7%, its fourth straight weekly gain. The S&P 500 managed a 0.7% gain, also its fourth weekly gain in a row, while the Dow ended the week roughly flat.

Stocks have rallied sharply in recent months, with all three benchmarks up more than 50% from their lows set on March 23 – when coronavirus-related lockdowns shocked the stock market.

The bulk of those gains has been driven by strong performances in the Big Tech stocks.

Tesla (NASDAQ:TSLA) notched yet another record on Friday ahead of an upcoming stock split, with shares of the Elon Musk-led Silicon Valley car maker nearing the $2,100-level for the first time in history. The stock has gained around 390% this year.

Apple (NASDAQ:AAPL) climbed more than 8% on the week – becoming the first publicly traded company in the U.S. to reach a market valuation of $2 trillion. Its shares are up almost 70% in 2020.

Amazon (NASDAQ:AMZN) also rallied over 4% this week, bringing its year-to-date gains to about 78%.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Weekly Comic: Big Tech Shares Lift S&P 500, Nasdaq To New All-Time Highs

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