S&P 500 ends at another record high as tumultuous 2020 ends

AP – Wall Street closed out a tumultuous year for stocks with more record highs on Thursday, a fitting coda to the market’s stunning comeback from its historic plunge in the early weeks of the coronavirus pandemic.

The benchmark S&P 500 index finished with a gain of 16.3 per cent for the year, or a total return of about 18.4 per cent, including dividends. The Nasdaq composite, powered by high-flying Big Tech stocks, soared 43.6 per cent. The Dow Jones Industrial Average gained 7.2 per cent, with Apple and Microsoft leading the way.

The market’s milestone-setting finish follows a mostly upward grind for stocks in recent weeks, fuelled by cautious optimism that the United States (US) economy and corporate profits will bounce back in 2021 now that the distribution of COVID-19 vaccines is under way.

More details on Weekend’s Borneo Bulletin