Dow, S&P 500 Turn in Best August in Decades

The Nasdaq logged another record close, too

Digital Content Manager
Aug 31, 2020 at 4:30 PM
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The last day of the month brought even more records to Wall Street, with both the Dow and S&P 500 wrapping up their best August performances since 1984 and 1986, respectively. Today though, the S&P 500 finished with a marginal loss, while the Dow shaved off over 200 points after the 10-year treasury yield weighed on bank stocks. The drop came after Federal Reserve Vice Chairman Richard Clarida said interest rates would not go up just because unemployment numbers were falling. Meanwhile, the tech-rich Nasdaq finished with yet another record close, thanks to big post-stock split moves from Tesla (TSLA) and Apple (AAPL). 

Continue reading for more on today's market, including:

    • A movie theater chain dropped despite a multi-million dollar sale.
    • United Airlines stock grounded after eliminating ticket exchange fees.
    • Plus, Netflix stock bulls in a frenzy; pharma stock jumps after expanded use of COVID-19 treatment; and a bull signal is flashing for this energy stock.

    The Dow Jones Industrial Average (DJI - 28,430.05) dropped 223.82 points, or 0.8% for the day. Apple (AAPL) finished with a 3.8% jump, pacing the nine gainers. Walt Disney (DIS) paced the 21 laggards with a 2.6% fall. It gained 7.6% for the month.

    Meanwhile, the S&P 500 Index (SPX - 3,500.31) fell 7.7 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 11,775.46) gained 79.8 points, or 0.7% for today's session. The S&P added 7.1% in August, while the Nasdaq tacked on 9.7%.

    Lastly, the Cboe Volatility Index (VIX - 26.41) added 3.5 points, or 15% for the day. The VIX added 8% in August.

     closing summary august 31

    nyse nasdaq august 31

    1. As U.S. COVID-19 cases top 6 million, the Food and Drug Administration (FDA) said it would not be pressured to rush a vaccine before the election. (MarketWatch) 
    2. Amazon received approval on Monday to operate its fleet of Prime Air delivery drones, and is set to begin actively flying and testing customer deliveries. (CNBC)
    3. A round of upbeat analyst attention sent Netflix stock soaring.
    4. Gilead Sciences' drug can now treat all hospitalized COVID-19 patients.
    5. This energy stock could skyrocket in the coming weeks after a bull signal.

    There were no notable earnings reports today.

    unusual options august 31

    Data courtesy of Trade-Alert

    Gold Futures Register First Monthly Loss in Six Months

    Oil futures edged higher on Monday, finishing August up 5.8% -- its fourth-straight monthly win -- after data showed a pickup in China's service sector. In addition, the Organization of the Petroleum Exporting Countries (OPEC+) has largely complied with self-imposed production curbs. October-dated crude added 36 cents, or 0.8%, to end at $42.61 a barrel.

    Gold futures also finished higher, with a weakened U.S. dollar and expectations for a low-rate regime in the wake of COVID-19 giving the safe-haven commodity a boost. Nonetheless, prices suffered their first monthly loss in six months. Gold for December, the most-active contract, jumped $3.70, or 0.2%, to settle at $1,978.60 an ounce.

     

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