Dow Hits a New Record High

But losses for Big Tech dragged Nasdaq, S&P 500 down
By Newser Editors and Wire Services
Posted Aug 26, 2024 3:46 PM CDT
Dow Closes at Record High
The New York Stock Exchange is shown on Aug. 13, 2024.   (AP Photo/Peter Morgan, File)

The Dow Jones Industrial Average closed at a record high on Wall Street Monday, even as losses for Big Tech companies pulled the S&P 500 and the Nasdaq composite lower.

  • The Dow rose 65.44 points, or 0.2%, to 41,240.52, enough to beat the all-time high it set last month.
  • The S&P 500 fell 17.77 points, or 0.3%, to to 5,616.84.
  • The Nasdaq composite fell 152.03 points, or 0.9%, to close at 17,725.76.

Microsoft fell 0.8%, Amazon dropped 0.9%, Meta Platforms slid 1.3% and Tesla lost 3.25%. Semiconductor company Nvidia reports its latest financial results on Wednesday. Its stock slipped 2.2% Monday, but it is up 155% for the year. Shares in other chipmakers also fell. Broadcom was down 4.1%, Advanced Micro Devices dropped 3.2%, and Lam Research slid 3.4%. Other companies reporting results this week include Kohl's, Chewy, Salesforce, and Dollar General. The price of US crude oil jumped 3.5% after Israel and the Lebanese militant group Hezbollah traded heavy fire on Sunday, triggering potential supply worries.

Investors have a busy week ahead that kicked off Monday with a surprisingly good report showing that orders for long-lasting goods from US factories, including cars, jumped 9.9% in July, the AP reports. An update on consumer confidence is on tap for Tuesday and the US will provide a revised estimate on Thursday of economic growth during the second quarter. The key report for investors this week will come on Friday, when the the government serves up its latest data on inflation with the PCE, or personal consumption and expenditures report for July. It is the Federal Reserve's preferred measure of inflation. (More stock market stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X