Wall Street rallied on Tuesday, with the Nasdaq closing at a record high, boosted by Apple and aided by optimism about potential U.S. government stimulus to protect the economy from debilitating COVID-19 shutdowns.
Apple Inc was the top boost to all three U.S. benchmarks, surging 5% to its highest since September after a report said it plans to increase iPhone production by 30% in the first half of 2021.
The Russell 2000 index of smaller companies surged about 2.4% to a record high. It was the strongest day since Nov. 24 for the S&P 500 and the Dow Jones Industrial Average.
The Nasdaq Composite climbed 1.25% to end at 12,595.06, exceeding its previous record high close on Dec. 8. Supported by Apple, the S&P 500 technology sector index rallied 1.6%. The sector has outperformed the broader market during the pandemic and is up over 35% year to date, with investors viewing it as resilient to virus-related disruptions… The S&P 500 posted 18 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 181 new highs and 19 new lows.
MacDailyNews Take: Hopefully, stimulus will happen sooner than later as a lot of small businesses and families could really use the help!