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Nasdaq Hits Record as Tech Racks Up Gains

Stock MarketsAug 23, 2021 04:07PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Nasdaq closed at record Monday, as megacap tech and chips stocks racked up gains as risk-on fever gripped Wall Street.  

The S&P 500 rose 1%, and had hit a closing intraday all-time high of 4,490.0 the Dow Jones Industrial Average gained 0.6%, or 215 points, the Nasdaq was up 1.6% to end at a closing record of 14,942.7,.

Technology stocks, ended up more than 1%, supporting the broader market melt-up as megcap tech continued to add to gains from the tail-end of last week.

Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), and Google-parent Alphabet (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN) were up more than 1%. Microsoft Corporation (NASDAQ:MSFT) was roughly flat. 

A climb in chip stocks also bolstered tech as Nvidia (NASDAQ:NVDA) hit record highs amid ongoing momentum continues following the chipmaker's better-than-expected quarterly results last week,

Energy rallied more than 3% as oil prices rebounded from near-three month lows, supported by a weaker dollar, and positive pandemic news as China.

China, the world's largest energy consumer, reported no new Covid-19 cases for the first time since July, easing investor fears of a prolonged setback for travel and energy demand.

"The coming weeks will reveal whether the travel restrictions that have been imposed in China and other Asia-Pacific countries will really have such an impact on fuel demand as last week‘s price performance suggests," Commerzbank (DE:CBKG) said in a note.

Occidental Petroleum (NYSE:OXY), Devon Energy (NYSE:DVN), and APA Corporation (NASDAQ:APA) were the among the top gainers in energy, with the latter ending the day up about more than 7%.

Vaccine stocks were also in the greed after the US Food and Drug Administration granted Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX)'s COVID-19 vaccine full approval, sending their shares up more than 2% and 9%, respectively. 

Pfizer also announced a $2.3 billion deal to buy cancer drug maker Trillium Therapeutics (TSX:TRIL), sending the latter's shares more than 180% higher.

On the economic front, investors digested mixed economic data as manufacturing activity fell short expectations, while home sales unexpectedly increased.

The IHS Markit US Manufacturing PMI fell to a reading of 61.2 in August from 63.4 in July, missing economists' estimates of 62.5.

Existing home sales rose 2% in July against expectations for a small downtick.

"[W]e continue to see the current soft patch in housing as a pause that will ultimately elongate the housing cycle," Jefferies (NYSE:JEF) said, pointing to a lack of supply that is expected to improve in 2022.

The record session on Wall Street comes just days before annual symposium held in Jackson Hole, with Chairman Powell scheduled to speak on Friday. Investor attention will focus on any new clues on the Fed's plan to begin scaling back its monthly bond purchases.

In other news, bitcoin surged to briefly top $50,000 on expectations for a surge in demand after PayPal launched its cryptocurrency service in the U.K. Crypto-related stocks including Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings (NASDAQ:MARA), and PayPal (NASDAQ:PYPL) were higher.

Nasdaq Hits Record as Tech Racks Up Gains
 

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Comments (11)
Al Gore
Al Gore Aug 23, 2021 9:10PM ET
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it's not possible to taper/increase rates due to almost $90 trillion in combined debt in the US.
Millennial Metals
Millennial Metals Aug 23, 2021 8:14PM ET
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United States of the Federal Reserve Bank
JAMES CUNHA
JAMES CUNHA Aug 23, 2021 7:01PM ET
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As I mentioned in another blog, it's as if the markets believe that the Federal Reserve no longer possesses the backbone to begin tapering. The Fed has essentially turned into a political entity.  It is afraid to taper asset purchases because of the potential fallout in the equity and housing markets. The Central Banks in both Canada and New Zealand have already begun tapering asset purchases. We don't see those economies collapsing.  It appears that the Fed's asset purchases are greatly benefiting a very tiny class of individuals in the U.S. at everyone else's expense. Tech billionaires aren't going to struggle when living expenses continue to surge. However, the working class, professionals, etc. will certainly feel the effects of inflation.
Mitchel Pioneer
Mitchel Pioneer Aug 23, 2021 5:07PM ET
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Another uninterrupted, tightrope walk "rally" for the US Ponzi Scheme, greatest financial fraud in history, and biggest investment JOKE in the world.  NASDAQ to 15K regardless, and the criminal manipulation will continue in the DOW and S&P as well.  Let's get those average holding even higher, so Wall Street can walk the lemmings over the cliff.  This market is the laughingstock of the financial world.
Leon Kelly
Leon Kelly Aug 23, 2021 5:07PM ET
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Melt up before Sept sell off.. Check sept 2020
JAMES CUNHA
JAMES CUNHA Aug 23, 2021 5:00PM ET
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if everything is on the up and up, why isn't the Fed tapering asset purchases? What am I missing?
Olga Haldemann
Olga Haldemann Aug 23, 2021 5:00PM ET
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One reason is, speculative gains do not exacrly mean real growth. But most importantly, when they do remove their stimulus, it mill bring on such halomes ( à tantrum, they call it, a taper tantrum it will do:)), that Jerom Powell will need to deploy twice as much monetary stimulus to cheat them up. And he doesn't want this to happen within his term.For this same reason, USA may face a default if they don't stop their political daizy: who will decide on raising the ceiling or postponing the suspending or who will announce the liquidation of gold assets and pension fund surpluses. And who will give green cards to non American actuaries who may agree to state on a surplus of their pension fund... But most importantly, no one is even discussing this issue. And this is something that will hit USD so hard, that this tapering absolutely doesn't matter. There is no history of successful e ecution of stimulus withdrawals. It never has even happened. Once, in Switzerland, almost... But almost)
Ricardo Diogo
Rcd72 Aug 23, 2021 5:00PM ET
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fed ( or better the us tax payers ) is buying the trash so the FRIENDS can get away and leave the bags for us young tax payers work all their life
steve durall
steve durall Aug 23, 2021 4:50PM ET
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The tech bubble is real...and it will pop. I find this miraculously ignorant, as there are no fundamentals that match the stupidity.
David Lousada
David Lousada Aug 23, 2021 4:50PM ET
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Record eps, Record revenues, the earth was never flat
Ezel Mete
Ezel Mete Aug 23, 2021 4:50PM ET
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that's artificial, government is printing money and giving it to people and making debt so cheap, it's all fake growth
David Lousada
David Lousada Aug 23, 2021 4:50PM ET
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Ezel Mete you assume most of faang revenue comes from the US....
AY Haych
AY Haych Aug 23, 2021 4:28PM ET
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Stupidity knows no boundaries
ZM Qi
ZM Qi Aug 23, 2021 4:24PM ET
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I am out,buy the rumors sell the fact
Karamoko Kone
Karamoko Kone Aug 23, 2021 4:14PM ET
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Great
Abella Trsut
Abella Trsut Aug 23, 2021 4:13PM ET
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I'm in
 
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