NEW YORK (Pakistan Point News / Sputnik - 21st July, 2020) Wall Street's Nasdaq Composite Index hit record highs, rising 2.5 percent to outperform the broader market, as investors bid up shares of major technology stocks from Amazon to Apple on bets that online shopping will continue to outstrip sales at physical stores amid the novel coronavirus pandemic.
The Nasdaq closed up 264 points at 10,767 on Monday after peaking at an all-time high of 10,784. Its top four stocks - Amazon, microsoft, Google's Alphabet and Apple - which together account for about 40 percent of the index, all rallied in Monday's session, responding to bullish forecasts for online retail and their supportive technology for the upcoming earnings season.
The broader market settled flat as positive news on coronavirus vaccine development helped offset the new increases in the number of infections in parts of the United States.
The Dow Jones Industrial Average, the broadest indicator on the New York Stock Exchange, closed up 9 points at 26,681.
The S&P 500, a barometer for the top 500 US stocks, settled up 27 points, or 0.8 percent, at 3,252.
