Personal Finance

Dow Jumps 450 Points As Stocks Continue Record Run


The market finished higher on Wednesday as stocks continued their strong start to September, with the S&P 500 and Nasdaq both hitting new records while the Dow had its best day since mid-July.


The Dow Jones Industrial Average was up 1.6%, over 450 points, on Wednesday, while the S&P 500 rose 1.5% and the tech-heavy Nasdaq Composite 1%.

Stocks hit fresh record highs and continued their strong start to September—despite it being a historically bad month for markets.

Investors took profits out of high-flying stocks like Apple and Tesla, which fell by 2% and almost 6%, respectively, just days after both companies completed stock splits.

Shares of DraftKings rose over 8% after the company announced that sports legend Michael Jordan—who Forbes estimates has a net worth of $1.6 billion—would join its board of directors.

Private payrolls increased by 428,000 in August—almost double that of the previous month, but still well below Dow Jones’ estimates of 1.17 million, according to ADP.

Mortgage demand for homebuyers rose 28% from last year, as more people look to take advantage of low rates and move out of cities, according to data from the Mortgage Bankers Association.

Meanwhile, Big Tech stocks continued to move higher, with Microsoft and Google-parent Alphabet gaining around 2% and 4%, respectively.

Crucial quote

“The Dow Jones Industrial just closed above 29,000!” President Trump tweeted on Wednesday. “You are so lucky to have me as your President—with Joe Hiden’ it would crash.”

Surprising fact

“With a rally of 0.75% yesterday, the S&P 500 kicked off the month with its best start to a September since 2010,” according to Bespoke Investment Group. “Gains of this magnitude are not particularly common for the start of September.”


Millennial trading app Robinhood is facing a fraud investigation from the SEC for failing to disclose that it was selling clients’ orders to high-speed trading firms, The Wall Street Journal first reported. It marks the latest in a series of troubles for the online broker despite its unprecedented business growth.

What to watch for

Investors continue to closely watch for updates on the next coronavirus stimulus bill from Congress. Lawmakers have been in a stalemate for weeks, however, with Democrats and Republicans failing to compromise on the size or provisions of the relief package. House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin spoke over the phone on Tuesday, but little progress was made. “Sadly, this phone call made clear that Democrats and the White House continue to have serious differences understanding the gravity of the situation that America’s working families are facing,” Pelosi said in a statement.

Further reading

Stocks Just Had The Best August Since 1984, But History Shows Trouble Is On The Way (Forbes)

Robinhood Reportedly Hit By SEC Fraud Probe, Possible Fine Of Over $10 Million (Forbes)

Zoom Stock Skyrockets Over 40% After Blowout Quarter, And It Expects To Keep Rising (Forbes)

Kodak Shares Rise Over 25% In A Single Day After D.E. Shaw Discloses 5% Stake (Forbes)

Billionaire Leon Cooperman Warns Investors Of Stock Market ‘Euphoria’ And Shares Three Big Risks To An Economic Recovery (Forbes)

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