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S&P 500 and Nasdaq Both Close At Record Highs

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Major market indices ended the day substantially higher Monday on investor's optimism about Big Tech and coronavirus treatment developments.

The S&P 500 and Nasdaq closed at records. The S&P 500 gained 1% to close at 3,431, while the the Nasdaq rose 0.6% to 11.379, while the Dow finished up 378 points, or 1.35%, to 28,308.

Apple (AAPL) - Get Report rose 1.1% to $502.93, topping $500 a share for the first time ever, as tech stocks continue to lead Wall Street. Apple shares will begin trading on a 4-for-1 stock-split basis on Aug. 31.

Meanwhile, the Republican National Convention kicks off this evening, running from Monday, August 24 to Thursday, August 27. Trump will speak on all four nights, a break from tradition.

According to Ryan Detrick, Chief Market Strategist of LPL Financial, "While a potential Biden presidency may mean a shift from some pro-growth policies of the Trump administration, it’s possible any negative market impact may be muted. Economic forces tend to dominate policy, though policy still matters, and historically, markets and the economy have shown little preference for either Republican or Democratic leadership."

Wildfires continue to ravage California, scorching more than one million acres of the Golden State this year.

Global cases of the coronavirus rose to about 23.5 million, and deaths have risen to above 809,800. In the U.S., more than 5.7 million cases of coronavirus have been confirmed and 176,927 people have died, according to Johns Hopkins University.

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