Two more universities pull back from in-person teaching after coronavirus outbreaks
August 18, 2020 at 4:15 PM EDT
U.S. stocks hits record high, ending shortest bear market in history
Defying the coronavirus pandemic’s mounting human and economic toll, stocks closed Tuesday at a record high, bringing an end to the shortest bear market in U.S. history.
After notching three consecutive weeks of gains, the Standard & Poor’s 500 index closed at 3,389, gaining 0.2 percent on the day. The finish capped a remarkable comeback from the March plunge that slashed 34 percent off the previous record, set Feb. 19, as the pandemic tightened its grip on the country.
Investors Tuesday brushed aside worries about the nation’s continuing struggle to contain the pandemic, focusing instead on signs of strength in the housing and retail sectors. Housing starts in July rose 22.6 percent to a seasonally adjusted annual rate of nearly 1.5 million, the Commerce Department said. Permits also rose sharply for both single- and multifamily dwellings.
By Hamza Shaban and David Lynch