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MarketWatch MarketPulseJul 13, 2020
S&P 500 now stands within 5% of its Feb. 19 all-time closing record as stock market rallies Monday
U.S. stocks on Monday morning were rallying, with gains driving the broad-market S&P 500 index to within 5% of its most recent record, a move that is underscoring a rebound for the equity markets since its March collapse that had been induced by panic about the economic impact of the COVID-19 pandemic. The S&P 500 was most recently up 1% at around 3,218, just within 5% of its Feb. 19 peak at 3,386.15, according to FactSet data. Although concerns about the economic outlook haven't evaporated, investors are continually betting that the a rise in cases derived from the novel strain of coronavirus won't significantly derail a rapid and sharp, or V-shaped, economic recovery. The broad market's elevated value also is due to stimulus from the government and the Federal Reserve, which has helped to support a rally in mega-capitalization stocks that are technology or technology related, including Amazon.com Inc. , Microsoft Inc. , Apple Inc. and Tesla Inc. among them, which are viewed as more resilient to the harm from business closures due to the epidemic. Those companies are also considered solid bets on the future of the economy outside of the pandemic that has rocked global economies and markets. The tech-heavy Nasdaq Composite Index , against that backdrop, has been on a tear, and was on track for its 28th record of 2020. The Nasdaq-100 , consisting of the largest 100 companies within the Nasdaq, also has been trading firmly in record territory. Meanwhile, the Dow Jones Industrial Average, which comprises a number of companies considered more economically sensitive, has lagged behind its peers, but was still up firmly. The Dow at last check was up 321 points, or 1.2%, at 26,397, but about 10% from its Feb. 12 record closing high at 29,551.42. Monday's rally in particularly was at least partly on the back that of hope that new coronavirus vaccine candidates will help mitigate a recent resurgence in cases.

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