Dow and S&P 500 Fall After Strong August; Zoom Video Surges

Stocks were mostly lower Tuesday after Wall Street closed out August with its fifth consecutive monthly gain.

The Dow Jones Industrial Average declined 110 points, or 0.39%, to 28,319, the S&P 500 slipped 0.08% and the Nasdaq rose 0.42%.

U.S. stocks closed mostly lower Monday with the Dow falling 227 points, or 0.8%, to 28,428, and the S&P 500 declining 0.2%. The Nasdaq rose 0.7% and closed at a record high on the back of gains in Apple  (AAPL) – Get Report and Tesla  (TSLA) – Get Report.

Apple shares were rising 1.5% Tuesday to $131.01 following a report that said the tech giant was preparing suppliers to mass-produce more than 75 million of its new 5G-enabled iPhones ahead of the phone’s fall launch.

Despite the losses Monday, the Dow finished August with a gain of 7.6%, and the S&P 500 rose 7%, its best gain since 1986. The Nasdaq jumped 9.6% last month, the tech-heavy index’s best monthly performance since 2000.

Stocks have staged a remarkable recovery since the coronavirus pandemic was declared in March, led largely by tech shares and optimism over a reopening of the U.S. economy.

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