Wall Street Close: The S&P 500 finally marks its record close

• The Dow Jones Industrial Average fell 66.84 points, or 0.24%, to 27,778.07,
• The S&P 500 added 7.79 points, or 0.23%, to 3,389.78.
• The Nasdaq Composite put on 81.12 points, or 0.73%, to 11,210.84.

US benchmarks on Tuesday see both the NASDAQ and the S&P 500 closed at record highs, marking one of the most dramatic recoveries in history.

Supported by yield-seeking investors, despite concerns over the health of the US economy, the indexes have either been in or teetering on record territories for several sessions.

The 55% surge since its pandemic low on March 23 makes the bear market that started in late February the S&P 500’s shortest in its history.

Since the March 23 closing low, the S&P posted the largest gain in a 103-day period in 87years, according to Refinitiv data.

The Dow Jones Industrial Average fell 66.84 points, or 0.24%, to 27,778.07, the S&P 500 added 7.79 points, or 0.23%, to 3,389.78 and the Nasdaq Composite put on 81.12 points, or 0.73%, to 11,210.84.

Asset inflation, fueled by all the liquidity, has elevated stocks despite economic recovery concerns pertaining to the spread of the coronavirus. 

Meanwhile, data on Tuesday showed US Building permits indicating that the US housing market remains buoyant.

Housing starts lifted by a massive 22.6% m/m in July following an upward revision of June data. The number of building permits issued lifted 18.8% m/m indicating there is a strong pipeline of new builds. We do, however, remain wary as unemployment is still high and this could yet affect the housing market,

analysts at ANZ Bank explained. 

Looking forward, the Minutes from the Federal Reserve’s recent meeting due on Wednesday may provide some insight into how the central bank perceives the US economic recovery.

S&P 500 levels