S&P 500, Nasdaq score eight straight
Main U.S. indexes advance; Nasdaq gains ~1.4%
All S&P 500 sectors end green; Tech, Comm Svcs lead
Dollar falls; gold slips; bitcoin off >1%; crude down ~3%
U.S. 10-Year Treasury yield edges down to ~3.87%
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S&P 500, NASDAQ SCORE EIGHT STRAIGHT
The S&P 500 .SPX and the Nasdaq .IXIC both rose for an eighth straight session on Monday as concerns around an impending recession abated and markets zeroed in on Federal Reserve Chair Jerome Powell's speech at Jackson Hole later this week.
That said, given the current run of gains, these indexes may be stretched to the upside.
The S&P 500's last eight-day winning streak ended in November 2023. The benchmark index last advanced nine days in a row in November 2004.
The Nasdaq last gained more than seven days in a row with a nine-session streak that ended in December of last year.
In any event, both the S&P 500 and Nasdaq composite managed to surpass their August 1 intraday highs. The SPX ended down around 1% from its July 16 record closing high, while the Nasdaq finished down around 4.1% from its July 10 record closing high.
The Dow .DJI, which is now up five straight days, is still below its July 30 intraday high, though it ended down only around 0.7% from its July 17 record closing high.
Meanwhile, a number of indexes did manage fresh record highs on Monday. The NYSE Composite .NYA, staples .SPLRCS and healthcare .SPXHC all hit new record intraday and closing highs. The financial sector .SPSY ended at a record closing high, though it has yet to surpass its record intraday high.
Here is a snapshot of where markets stood just shortly after 1600 ET/2000 GMT:
(Terence Gabriel)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
MINOR CRYPTO INFLOWS IN LATEST WEEK; SOLANA OUTFLOWS HIT RECORD HIGH - CLICK HERE
TECH STOCK RALLY STILL HAS MORE LEG ROOM, UBS SAYS -CLICK HERE
LEADING ECONOMIC INDEX: LOSING ALTITUDE, BUT SOFT LANDING STILL ON RADAR - CLICK HERE
WALL STREET FLAT TO SLIGHTLY HIGHER; FOCUS ON JACKSON HOLE - CLICK HERE
STREAKING NASDAQ FACES SOME TOUGH HURDLES - CLICK HERE
DON'T RELAX JUST YET - CLICK HERE
MOVING TO WALL STREET: IT'S (MOSTLY) PAYING OFF - CLICK HERE
BUSY BRITISH DEALMAKERS BEHIND STERLING'S STRENGTH - CLICK HERE
STOXX FLAT - CLICK HERE
EUROPEAN FUTURES EASE, DEFENCE STOCKS ON RADAR - CLICK HERE
THE SOFTEST OF SOFT LANDINGS - CLICK HERE
Closer08192024 https://tmsnrt.rs/3yAyR17
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