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Stocks Rise Slightly to Kick September Trading, Nasdaq Hits All-Time High
Traders work on the floor of the New York Stock Exchange (NYSE), August 3, 2021.
Michael Nagle | Bloomberg | Getty Images
US stocks edged higher on Wednesday, led by tech stocks after the S&P 500 posted a seven-month winning streak in August.
The broad benchmark of equities climbed 0.2% to kick off September trading. The Nasdaq Composite rose 0.5% to a new intraday high, thanks to Apple shares surging 1.7% to a record high. The Dow Jones Industrial Average has changed little.
The major averages all ended up for August. The S&P 500 rose 2.9% for the month, posting its best winning streak since 2017. The Nasdaq Composite gained around 4% for its third positive month and while the Dow fell behind it still lagged behind. added 1.2%.
Sunrun solar stock jumped 7% after JPMorgan predicted a comeback that would push the stock up 90%.
Zoom Video shares rebounded 2.8% after falling 16% on Tuesday after Cathie Wood revealed she had bought nearly 200,000 shares on the downside.
Investors digested a disappointing jobs report. US businesses created far fewer jobs than expected in August, with private payrolls increasing only 374,000, according to payroll services company ADP. That’s well below the Dow Jones estimate of 600,000.
The report is a precursor to official August data on non-farm wages in the United States, which will be released on Friday. Economists polled by Dow Jones predict that 720,000 jobs were created in August and that the unemployment rate fell to 5.2%.
The S&P 500 has had a pretty smooth ride so far in 2021, up over 20% without even a 5% pullback. The benchmark index closed above its 200-day moving average, a measure of long-term trend, for 296 consecutive days.
So some strategists are on the lookout for a correction in September given that stocks haven’t had a significant one since last October, combined with the much-anticipated Federal Reserve Bank meeting in September and the worry. persistent regarding the delta Covid variant.
“While this bull market has scoffed at almost any sign of worry in 2021, let’s not forget that September is historically the worst month of the year for stocks,” said Ryan Detrick, chief market strategist financial resources of LPL. “Even last year, in the face of a huge rally from the March 2020 lows, we saw a correction of almost 10% in mid-September.”
He added that any weakness could be short term and between 5% and 8%.
“This bull market is alive and well and we would view any potential weakness as an opportunity,” he said.
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