S&P 500 Is on Longest Winning Streak Since 2018

A wobbly day on Wall Street ended Tuesday with major indexes slipping just below recent record highs, but the S&P 500 closed out August solidly in the green with its seventh straight monthly gain, the longest such streak since early 2018. Investors are busy trying to figure out just how much of an impact rising COVID-19 cases will have on the still recovering economy. The market has been choppy amid a mix of economic data, some of which has signaled that consumers are becoming more cautious, the AP reports. The S&P 500 index fell 6.11 points or 0.1%, to 4,522.68, after setting a record high a day prior. The Dow Jones Industrial Average fell 39.11 points, or, 0.1%, to 35,360.73, and the Nasdaq slipped 6.65 points, or less than 0.1%, to 15,259.24.

Technology stocks were the biggest weight dragging down the benchmark S&P 500. Despite the choppiness, the S&P 500 powered through August for a 2.9% gain. The Nasdaq closed the month with a 4% gain. Energy prices mostly declined for a second day, as fears of widespread devastation to US oil and gas production in the Gulf of Mexico after Hurricane Ida appeared be overblown. Oil companies began gradually restarting refineries in Louisiana and Colonial Pipeline said it restored flows to several pipelines that run through the south. Oil prices fell 1%, while natural gas prices rose 1.7%.

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