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Weekly Comic: Fed Stimulus Helps Power Stocks Back Toward Record Highs

Investing.com
·1-min read

By Jesse Cohen

Investing.com - Stocks on Wall Street ended higher on Friday, with the major averages wrapping up their fourth straight monthly gain thanks to an ongoing flood of stimulus from the Federal Reserve.

The Dow Jones Industrial Average rose 114 points, or 0.4%, to end the week at 26,428, the S&P 500 gained 0.7%, or 24 points, to 3,271, while the Nasdaq Composite jumped 1.4%, or 157 points, to 10,745, led by a 10% jump in Apple shares (NASDAQ:AAPL).

For the week, stocks put in a mixed performed, with Dow sliding 0.2% to suffer its second straight weekly decline amid faltering economic data and a resurgence in coronavirus cases.

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The S&P and Nasdaq, however, rose 1.7% and 3.7%, respectively, boosted by a rally in the Big Tech shares.

Wall Street’s major indexes closed out the month of July with solid gains and posted their fourth straight positive month in a row. The Dow gained 2.3% in July, while the S&P 500 and Nasdaq soared 5.5% and 6.8%, respectively.

At current levels, the benchmark S&P 500 index is now about 4% shy of its February all-time high. The index has rallied nearly 49% from an intraday low set on March 23, when coronavirus-related lockdowns shocked the stock market.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

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