Nasdaq Closes at Record High on Strong Apple and Tesla Gains

The Nasdaq posts another record as Apple and Tesla shares rise following their splits.

The Nasdaq closed at a record Monday, the last trading day of the month, as Apple's  (AAPL) - Get Apple Inc. (AAPL) Report and Tesla's  (TSLA) - Get Tesla Inc Report respective stock splits became effective. 

The Nasdaq closed up 0.68% to 11,775. 

The Dow Jones Industrial Average ended down 223 points, or 0.78%, to 28,430 and the S&P 500 slipped 0.22% to 3,500.

The Dow posted its best August since 1984 and the S&P since 1986.

On Friday, the S&P 500 closed at a record for the sixth straight session and the Nasdaq also set a record. The Dow moved into positive territory for the year.

Stocks got a boost last week from Federal Reserve Chairman Jerome Powell’s comments that the central bank would keep interest rates low even if inflation rises above its target levels.

Salesforce.com  (CRM) - Get salesforce.com, inc. Report, Amgen  (AMGN) - Get Amgen Inc. Report and Honeywell  (HON) - Get Honeywell International Inc. (HON) Report have joined the blue-chip Dow index, replacing Exxon Mobil  (XOM) - Get Exxon Mobil Corporation Report, Pfizer  (PFE) - Get Pfizer Inc. Report and Raytheon Technologies  (RTX) - Get Raytheon Technologies Corp Report, respectively.

The changes were prompted by Apple's  (AAPL) - Get Apple Inc. (AAPL) Report 4-for-1 stock split, according to S&P Dow Jones Indices, since the split will reduce the Dow's tech-sector weighting.

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Apple and Tesla  (TSLA) - Get Tesla Inc Report shares begin trading on a split-adjusted basis Monday.

Apple said July 30 it would split its stock 4-for-1, while Tesla said Aug. 11 that its stock would be split 5-for-1.

Bear Thoughts From an Apple Bull and the Dow Jones' Lesson

Apple rose 3.4% to $129.04 while Tesla soared 13% to $498.32.

Apple and Tesla Shares Climb in Post-Split Trading

Shares of Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report, Walmart  (WMT) - Get Walmart Inc. Report and Oracle  (ORCL) - Get Oracle Corporation Report - bidders for the U.S. operations of TikTok, the short-video app - traded lower after China updated its list of technologies subject to export restrictions, complicating a sale of the ByteDance unit.

Coronavirus infections in the United States have risen to 6,002,615, according to Johns Hopkins University, while confirmed deaths have passed 183,200. The U.S. leads the world in both categories.

In India, 78,761 new coronavirus cases were recorded Sunday, the highest one-day total for any country in the world since the pandemic was declared in early March.