The S&P 500 gained 0.75% to close at 3,526.65 and the Nasdaq grew 1.39% to 11,939.67 as tech stocks surged Monday. The Dow Jones Industrial Average ended the day up 215.61 points, or 0.76%, after notching its best August performance since 1984.
Zoom video stock skyrocketed 40.78% after reporting that revenue grew 355% on an annualized basis in the fiscal second quarter.
Apple grew 3.98% after helping to lead the Nasdaq higher on Monday following a stock split, while Tesla stock dropped 4.67% after a regulatory filing showed the company would sell up to $5 billion of its own stock a day after gaining 12.57% following its own stock split.
Netflix stock rose 5.1%, while Google's parent company, Alphabet, increased 1.57% and Walmart stock gained 6.29%.
Stocks related to the lifting of restrictions related to the COVID-19 pandemic performed well in August amid optimism surrounding a vaccine and treatment for the virus.
Royal Caribbean and MGM rose 40% in the month, while Fed Ex and Gap increased 30%.
Copyright © UPI, 2022. All Rights Reserved.