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Nasdaq Bags Another Record High as Big Tech Cuts Losses Into Close

Stock MarketsAug 04, 2020 04:06PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Nasdaq notched another record high Tuesday, as big tech cut some losses into the close, though uncertainty over the progress of talks concerning the next coronavirus stimulus package weighed on sentiment.  

The Dow Jones Industrial Average rose 0.62%, or 164 points. The S&P 500 rose 0.36%, while the Nasdaq Composite added 0.35.%.

Contradictory remarks on the progress of the virus aid bill from lawmakers on both sides of the political aisle did little to help sentiment on risk.  

 
Senate Minority Leader Chuck Schumer suggested that lawmakers were inching closer to a deal, while U.S. Treasury Secretary Steven Mnuchin reportedly said that there had been no progress in a week.  House Speaker Nancy Pelosi, meanwhile, said she doesn't think there will be a deal this week, cooling hopes that relief would arrive sooner rather than later.
 
The talks have been held up by a disagreement over the size of unemployment support, which was set at $600 a week in March.
 
"Lawmakers on both sides of the aisle agree on sending $1,200 in direct stimulus payments to most Americans, but cannot agree on the amount of extended federal unemployment benefits, which expired on July 31, Democrats want to preserve the $600 amount, while Republicans want to reduce it to $200," Stifel said in a note.

Still, some sectors tied to the progress of the economy like energy and real estate helped the broader market end the day above the flatline.

Energy climbed more than 2%, led by Williams Companies (NYSE:WMB), Devon Energy (NYSE:DVN) and Marathon Oil (NYSE:MRO).

Tech, however, appeared to run out of steam as Apple (NASDAQ:AAPL) gave up some gains after denying reports that it was weighing a move to acquire TikTok. 

Amazon (NASDAQ:AMZN) inched higher, while Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT) traded in the red.

On the earnings front, investors digested mixed quarterly results.

Take-Two Interactive Software (NASDAQ:TTWO) raised its full-year guidance after reporting second-quarter results that topped Wall Street estimates on both the top and bottom lines, sending its shares 5.9% higher.

Virgin Galactic (NYSE:SPCE) nosedived 13.8% after reporting a wider than expected quarterly loss. The company also detailed plans to raise about $460 million, through the sale of about 20.5 million shares.

Nasdaq Bags Another Record High as Big Tech Cuts Losses Into Close
 

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Comments (6)
James Huh
James Huh Aug 04, 2020 7:00PM ET
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But the two tech stocks I own - MSFT and Google - were down :(
Louis Breeding
Louis Breeding Aug 04, 2020 6:57PM ET
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Dems want to keep the unemployment at $600. The issue is we have jobs open. No one wants them because between fed and state unemployment they are making more mkney not working. The Dems are enabling people to be lazy and irresponsible.
Hunter Gassaway
Hunter Gassaway Aug 04, 2020 6:57PM ET
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Are you high? People here are losing jobs.
Plopseven Schwartz
Plopseven Schwartz Aug 04, 2020 6:57PM ET
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I was a bartender before all of this. I used to make $200-300 in tips per shift. Since the pandemic began, I’ve got a TOTAL of $951 in unemployment and the rest of my claims are all “pending” despite my balance being $9,750. Entire states are broke right now. The entire country is in shambles. Nobody is lazy, there isn’t enough money or work in the “real” economy - just extreme inflation in the equity markets. This is sad.
Plopseven Schwartz
Plopseven Schwartz Aug 04, 2020 5:39PM ET
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Anyone want to talk about the bond market completely imploding? No? Cool, cool.
Jeana Grothouse
Jeana Grothouse Aug 04, 2020 4:55PM ET
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It’s amazing that news outlets aren’t talking about the fact that most people getting unemployment made more than if the had continued working. How does it make any sense and how is that fair for all these essential workers (delivery, grocery store and especially hospital workers) risking their lives?!
Tom Pym
Tom Pym Aug 04, 2020 4:55PM ET
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Me paying for someone else’ retirement through Social Security isn’t fair either but hey, I’m sure tou’re all for that though
Bev Moer
Bev Moer Aug 04, 2020 4:55PM ET
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But you one day will be a recipient of that funding. You are essentially paying it forward. Covid relief isn't received by everyone.
eddie glass
eddie glass Aug 04, 2020 4:44PM ET
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Loaded heavily in gold/silver over the past few years. Poured cash into stocks, gold/silver, and crypto during the March dump. Have made a mini-fortune. Sitting mostly back in cash now, even was able to sell most of my bullion above spot. At least through November.
Edward Chong
Edward Chong Aug 04, 2020 4:44PM ET
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haha me in gold since Brexit. cheers !!!
billy lam
billy lam Aug 04, 2020 4:16PM ET
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this is not market. this is makao casino land. lol
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Tullio Gildo
Tullio Gildo Aug 04, 2020 4:16PM ET
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during a bubble it's Just no more an investment.
eddie glass
eddie glass Aug 04, 2020 4:16PM ET
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probably the same reason they ban people from going to church but you can go to casinos right now
billy lam
billy lam Aug 04, 2020 4:16PM ET
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Ewet Maphoza  i mean this market is like gambling.
Jin News
Jin News Aug 04, 2020 4:16PM ET
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it's not gambling if you know what you're doing
Fabio falec
falec Aug 04, 2020 4:16PM ET
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Wait, Warren Buffet does not know as he sits in a pile of cash... and you should know? I am impressed!
 
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