S&P, NASDAQ Stay in Record Country

The S&P 500 set another record high on Monday as the stock market continued to rise in the final days of August.

The Dow Jones Industrials lost 55.96 points to end Monday at 35,399.84.

The S&P 500 climbed 19.42 points to 4,532.25, hitting yet another new record.

The NASDAQ Composite soared 136.39 points, to 15,265.89, also at a new all-time peak.

Key technology stocks led the way on Monday. Microsoft and Netflix each rose about 1.3%, and Apple jumped 3%.

Shares of Affirm Holdings surged more than 46% after the buy now, pay later company announced a partnership with Amazon on Friday. Amazon’s stock rose about 2%.

Financial stocks weighed on the broader market, with Capital One shedding 6% and Wells Fargo losing 2.8%. Airline stocks lost ground the European Union recommended that member countries reinstate a ban on non-essential travel to the U.S. due to the COVID-19.

Shares of Paypal, rose 3.6% after reports that the company is exploring a stock-trading platform for its U.S. customers. Discount brokerage Robinhood, however, saw its stock fall 6.9% after SEC Chair Gary Gensler told Barron’s that banning the controversial payment-for-order-flow business model was “on the table.”

Monday and Tuesday mark the last two trading days of August. After Monday’s session, the S&P 500 is up 3% in August, while the Dow Jones Industrial Average gained 1.3%, and the NASDAQ had risen 4% this month. The strong month came as corporate earnings reports for the second quarter showed strong growth for sales and profits.

Powell said inflation is solidly around the central bank’s 2% target rate, one of the goals of the Fed’s dual mandate; however, the Fed chairman also explained why he continues to think the current inflation rise is transitory and will eventually drop to the target level.

Based on statements from other Fed officials, a tapering announcement could come as soon as the Fed’s Sept. 21-22 meeting. Powell said the central bank has “much ground to cover” to reach its other goal of maximum employment.

Stocks could stay largely range-bound until the release of August’s jobs report on Friday. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%.

Prices for 10-Year Treasurys were pointed upward, lowering yields to 1.28% from Friday’s 1.30%. Treasury prices and yields move in opposite directions.

Oil prices gained 30 cents to $69.04 U.S. a barrel.

Gold prices slumped $6.40 to $1,813.10 U.S. an ounce.