Not since the Reagan administration made the S&P 500: For the month of August, the S&P showed a gain of 7.01%, the biggest advance for August since 1986 when it rose 7.1% that month.
Sinéad Carew for Reuters:
While S&P boasted its steepest percentage gain in August in more than three decades, it ended slightly lower on Monday, and the Dow also lost ground when investors took a break, although the Nasdaq closed higher thanks to high-flying stocks including Apple Inc.
The Federal Reserve’s commitment to tolerate inflation and keep interest rates low, positive developments in vaccines and treatments for COVID-19 and a rally in technology-focused stocks have helped the S&P 500 and Nasdaq to record highs in August.
Nasdaq … ended the day almost 20% above record highs before the crisis. The two biggest increases for Monday were from Apple Inc and Tesla Inc after a share split … For S&P, this was the longest winning steak on a monthly basis since a six-month run from April to September 2018.
Apple ended the day 3.4% higher at $ 129.04 while Tesla closed up 12.6% at $ 498.32.
MacDailyNews Take: As the S&P 500 announces its biggest August win since 1986, it’s an appropriate quote:
We who live in free market societies believe that growth, prosperity and ultimately human fulfillment are created from scratch, not the government and down. Only when the human spirit is allowed to invent and create, only when individuals are given a personal effort to decide economic policy and benefit from their success – only then can societies remain alive, dynamic, prosperous, progressive and free.
Trust the people. This is the undeniable lesson of the whole post-war period, which contradicts the notion that rigid government control is crucial for economic development. The communities that have achieved the most spectacular, broad-based progress are neither the most tightly controlled nor the largest in size nor the richest of natural resources. No, what unites them all is their willingness to believe in the magic of the market. – Ronald Reagan, September 29, 1981