The Dow Climbs 200+ Points & Nasdaq Reaches Record High on Tech Stock Performance

04 August 2020

    Monday has certainly been a successful day on Wall Street. Major tech companies, led by Microsoft and Apple, have driven the market to record gains.

     

    Following a confirmation of acquiring TikTok in the US, Microsoft had gained over 5%, despite Trump’s security concerns with regard to the Chinese app. Apple and Netflix, in turn, had gained 2.5% and 2%, respectively.

     

    It was not just tech stocks driving the market rally, however.

     

    Eli Lilly had announced the start of a phase 3 trial of its experimental COVID-19 antibody treatment. Additionally, better than expected PMI data had given the market a boost, as the figure rose to 54.2 in July, topping the Dow Jones estimate of 53.8. Last but not least, this earnings season has indeed been a positive one. A staggering 84% of S&P 500 companies have beaten earnings expectations, which explains the general upbeat mood on Wall Street.

     

    The Dow had gained 236.08 points, closing at 26,664.40, while Nasdaq had reached an all-time high, closing at 10,902.80. S&P 500, in turn, had climbed to 3,294.1, stopping only 3% away from its own record high.


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