S&P 500 Aims for Record High as Tech Sector Rallies

Stocks were mixed Monday following Wall Street’s third straight week of gains but the S&P 500 approached a record high as technology shares lifted the index.

The Dow Jones Industrial Average fell 53 points, or 0.19%, to 27,879, the S&P 500 gained 0.38% to 3,385, above its all-time high, and the Nasdaq was up 0.92%, led by gains in Tesla  (TSLA) – Get Report, Nvidia  (NVDA) – Get Report and JD.com  (JD) – Get Report.

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The Dow rose 1.8% last week and the S&P 500 gained 0.6%. The S&P 500 flirted much of last week with reaching an all-time high. The index has risen more than 50% since its pandemic lows in March.

Analysts at Goldman Sachs said they expect the S&P 500 to rise an additional 7% in 2020 to their target of 3,600.

But friction between the U.S. and China – the world’s two largest economies postponed a weekend meeting to discuss progress of their phase one trade agreement – continues to weigh on the minds of investors as do stalled coronavirus aid negotiations.

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