Markets ended the day mixed Monday. The Nasdaq and S&P 500 rose but the Dow fell. The S&P 500, pulled higher by the tech-heavy Nasdaq, nearly reached its record high hit on Feb. 19, but fell slightly short of it. Its record is 3,386.15. Instead, the S&P 500 added 0.3% to close at 3,381.99, the Nasdaq rose 1% to 11,129.73, and the Dow fell slightly to close at 27,844.91.
L Brands Inc (LB) - Get Report, which owns Bath & Body Works, was the top gainer for the S&P 500, up more than 9%. Tesla (TSLA) - Get Report surged more than 11%, making it the Nasdaq’s top gainer. The top gainer for the Dow, Home Depot (HD) - Get Report, rose nearly 3%.
"While August is typically a slow one for the markets, this year is proving to be quite the exception. Market-watchers have been pointing to the narrowness of the market really since the pandemic began so it’s encouraging to see some breadth return in the form of industrials, financials, and energy - it’s not just a bull case for technology anymore," said Chris Larkin, managing director of trading and investment product at E*Trade.
In other news, the Democratic National Convention kicks off Monday night, running from August 17 to Thursday, August 20. It runs from 9 p.m. to 11 p.m. Eastern time each night. Monday night’s speakers include Sen. Bernie Sanders, New York Gov. Andrew Cuomo, former Ohio Republican Gov. John Kasich, Sen. Amy Klobuchar, D-Minn., Michelle Obama, and others.