Weekly Comic: Fed Stimulus Helps Power Stocks Back Toward Record Highs

By Jesse Cohen

Investing.com – Stocks on Wall Street ended higher on , with the major averages wrapping up their fourth straight monthly gain thanks to an ongoing flood of stimulus from the Federal Reserve.

The rose 114 points, or 0.4%, to end the week at 26,428, the gained 0.7%, or 24 points, to 3,271, while the jumped 1.4%, or 157 points, to 10,745, led by a 10% jump in Apple shares (NASDAQ:).

For the week, stocks put in a mixed performed, with Dow sliding 0.2% to suffer its second straight weekly decline amid faltering economic data and a resurgence in coronavirus cases.

The S&P and Nasdaq, however, rose 1.7% and 3.7%, respectively, boosted by a rally in the Big Tech shares.

Wall Street’s major indexes closed out the month of July with solid gains and posted their fourth straight positive month in a row. The Dow gained 2.3% in July, while the S&P 500 and Nasdaq soared 5.5% and 6.8%, respectively.

At current levels, the benchmark S&P 500 index is now about 4% shy of its February all-time high. The index has rallied nearly 49% from an intraday low set on March 23, when coronavirus-related lockdowns shocked the stock market.

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