The Standard & Poor’s 500 and NASDAQ-100 stock market indices broke records during Aug. 18 transactions, highlighting the rapid recovery of the country’s economy.
The S&P 500 set its 129th record close during the Trump administration, which surpassed those achieved before the CCP (Chinese Communist Party) Virus wreaked havoc on the financial markets and the U.S. economy, the NASDAQ indicator also reached a historic high.
Other economic sectors such as housing and retail sales also performed better than expected.
Housing starts recovered almost completely, with a seasonally adjusted annual rate of $1.496 billion in July, up 22,6 percent from June and up 23,4 percent from a year ago, the U.S. Census Bureau reported on Aug. 18.
Likewise, construction permits were generated in July at a seasonally adjusted annual rate of $1.495 billion, 18.8% more than in June and 9.4% more than in July 2019.
“The gap between permitted housing and housing starts continues to grow,” said Danielle Hale, chief economist of Realtor.com. she added, “This growing gap signals extra capacity on the permit side, but it may mean that despite record confidence, builders are having trouble completing the work,” according to Market Watch.
The most traded shares were those of Tesla, which now makes Elon Musk the fourth richest man in the world.
Apple, Home Depot Inc., and Walmart Inc. also performed well. The price of gold, which stands at almost $2,000 an ounce, is noteworthy.
Second-quarter digital sales are up 195 percent, according to Tradingview.
Meanwhile, West Texas Intermediate crude oil remains relatively stable at $42.89 a barrel.
The S&P 500 indicator, one of the most important stock market indexes in the United States, is considered the most representative of the real market situation.
The NASDAQ is the second-largest automated and electronic stock exchange in the United States, bringing together the values of the 100 most important technology companies including hardware and software companies, telecommunications, retail and wholesale, and biotechnology.
With the U.S. election approaching, these results are evidence in favor of President Donald Trump’s re-election.