Flirt no more, the S&P 500 finally reached its record level close today by ramping up 0.2% to close the day at 3,389.78 points. This officially wiped the COVID-19 losses off the index. The Nasdaq also grew 0.7% to close again at a record level. The Dow Jones, on the other hand, fell 0.2% Tuesday, despite Walmart and Home Depot reporting solid earnings, the two big retailers saw their stocks dive into the red. The Stoxx Europe 600 Index slid down 0.6%.
Home Depot saw its stock drop 1.12% and Walmart dipped 0.66%. Meanwhile, online e-commerce giant Amazon spiked 4.09% to close at $3,312.49 per share.
“Equity markets are reflecting the massive monetary and fiscal stimulus that has been injected over the past four months,” said Shannon Saccocia, chief investment officer at Boston Private. “Couple that with a more robust economic recovery than what was expected at the depths of the crisis, and interest rates once again at zero, and the rationale to diversify away from risk assets is hard to pinpoint.”
West Texas Intermediate crude slipped 0.7% to $42.58 a barrel and Gold continued to rally upwards 0.8% to $2,001.59 an ounce.