{"id":13408,"date":"2021-08-30T14:42:44","date_gmt":"2021-08-30T14:42:44","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/30\/sp-500-nasdaq-climb-to-new-record-intraday-highs\/"},"modified":"2021-08-30T14:42:44","modified_gmt":"2021-08-30T14:42:44","slug":"sp-500-nasdaq-climb-to-new-record-intraday-highs","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/30\/sp-500-nasdaq-climb-to-new-record-intraday-highs\/","title":{"rendered":"S&P 500, Nasdaq Climb To New Record Intraday Highs"},"content":{"rendered":"
<\/div>

\n<\/p>\n

\n

Stocks have moved mostly higher in morning trading on Monday, extending the advance seen in the previous session. With the upward move, the S&P 500 and the Nasdaq have reached new record intraday highs.<\/p>\n

Currently, the S&P 500 is up 19.76 points or 0.4 percent at 4,529.13 and the Nasdaq is up 125.03 points or 0.8 percent at 15,254.53. Meanwhile, the narrower Dow is posting a modest loss, down 20.29 points or 0.1 percent at 35,435.51.<\/p>\n

Stocks continue to benefit from recent upward momentum, which helped lift the S&P 500 and the Nasdaq to new record closing highs last Friday.<\/p>\n

Traders remain optimistic about the outlook for the markets<\/span> even though the Federal Reserve has signaled it plans to begin scaling back its asset purchases later this year.<\/p>\n

The Fed’s asset purchase program has helped prop up stocks throughout much of the coronavirus<\/span> pandemic, but traders seem to believe the strength of the economy<\/span> will provide continued support.<\/p>\n

Fed Chair Jerome Powell’s comments last Friday suggesting interest rate hikes remain a long way off have also increased the appeal of stocks.<\/p>\n

Trading activity may be somewhat subdued, however, as investors look ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.<\/p>\n

Reports on consumer confidence, manufacturing and service sector activity, and factory orders may also attract attention in the coming days.<\/p>\n

Despite the advance by the broader markets, airline stocks have moved sharply lower on the day, dragging the NYSE Arca Airline Index down by 2.2 percent.<\/p>\n

Considerable weakness is also visible among banking stocks, as reflected by the 2 percent slump by the KBW Bank Index. <\/p>\n

Oil service and gold stocks are also seeing notable weakness amid modest decreases by the prices of their associated commodities.<\/p>\n

On the other hand, retail stocks have shown a strong move to the upside, driving the Dow Jones U.S. Retail Index up by 1.5 percent.<\/p>\n

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index rose by 0.5 percent, while China’s Shanghai Composite Index edged up by 0.2 percent.<\/p>\n

The major European markets have also moved to the upside, although the U.K. markets are closed for a holiday. While the German DAX Index has risen by 0.2 percent, the French CAC 40 Index has crept up by 0.1 percent.<\/p>\n

In the bond market, treasuries have pulled back off their highs of the session but continue to see modest strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.3 basis points at 1.299 percent. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n