Nasdaq hits record high as big tech leads; energy stocks battered
New York, The Nasdaq index extended a rally to hit a record high on Monday as investors piled into big technology stocks on worries over the short-term hit to the economy from COVID-19 restrictions, while energy shares tumbled on lower oil prices.
Shares in companies including Apple Inc., Tesla Inc., Facebook Inc., and Microsoft Corp boosted the Nasdaq with gains of nearly 2% each.
Authorities in California, the most populous state in the country, on Monday compelled much of the state to close shop and stay at home the day after it reported a record 30,000-plus new coronavirus cases.
The S&P 500 energy index fell over 2%, the most among the 11 major sectors as oil prices slipped. Oil companies Chevron Corp, Exxon Mobil Corp and Occidental Petroleum Corp fell between 2% and 3% in early trading.
Wall Street tracked a more cautious move in global stocks earlier in the day after Reuters reported Washington was preparing to impose sanctions on some Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.
The Dow Jones Industrial Average opened at an all-time high on Monday, before turning negative moments later.
At 10:33 a.m. ET, the Dow Jones Industrial Average was down 145.34 points, or 0.48%, at 30,072.92, the S&P 500 was down 2.86 points, or 0.08%, at 3,696.26, and the Nasdaq Composite was up 57.98 points, or 0.47%, at 12,522.22.
Intel Corp fell 3.7% as Apple Inc., was reportedly planning a series of new Mac processors for introduction as early as 2021 that are aimed at outperforming Intel’s fastest processors.
Declining issues outnumbered advancers for a 1.35-to-1 ratio on the NYSE and a 1.16-to-1 ratio on the Nasdaq.
The broader S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 174 new highs and six new lows.
Source: Saudi Press Agency