S&P 500, Nasdaq Notch More Records But Dow Slips

Gains for several Big Tech stocks helped push the S&P 500 and the Nasdaq composite to more record highs on Wall Street Monday, August 30, 2021, even as weakness elsewhere in the market sent the Dow Jones Industrial Average and small-company stocks lower, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: The statues of "Fearless Girl" and "Charging Bull" in the New York City financial district

The S&P 500 also set a record high last Friday after investors welcomed an update from the Federal Reserve.

In a speech, Fed Chair Jerome Powell helped ease concerns that a key factor in the market’s solid gains this year, low interest rates, will remain that way as the economy continues recovering from the pandemic.

The S&P 500 added 19.42, or 0.4%, to close at 4,528.79 The Dow fell 55.96 points, or 0.2%, to 35,399.84 and the Nasdaq composite rose 136.39 points, or 0.9%, to 15,265.89. The Russell 2000 index of small company stocks lost 10.70 points, or 0.5%, to 2,266.80. Both the Nasdaq and S&P 500 closed at all-time highs.

Technology stocks, which benefit from low interest rates, did much of the heavy lifting for the broader market. Apple rose 3%, while Amazon and Facebook each rose more than 2%.

Health care companies also had solid gains and helped lift the benchmark S&P 500. Banks stocks, which would benefit from higher rates, were the biggest drag on the overall market. Wells Fargo lost 2.8%.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.28% from 1.31% late Friday.

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