Dow ends 190 points higher powered by Apple’s record-setting rally, and Nasdaq and S&P 500 end at all-time highs

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U.S. stocks shook off early weakness on Friday to end the day with gains, with technology-related shares helping to fuel a round of records for the S&P 500 and Nasdaq Composite. Markets took on a decidedly more bullish tone after a report on sales of previously owned homes in the U.S. surged 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday.
That home data followed Markit purchasing managers’ indexes for the U.S. services sector for August, which rose to a one-and-a-half year high of 54.7 this month from 50.3 in July, even as similar readings for Europe fell to a two-month low. Apple’s stock rally also extended a climb after touching a market value of $2 trillion, rising 5.2% and helping power gains for the Dow and the other main benchmarks. The S&P 500 index closed up 0.4% at 3,397, while the Nasdaq Composite Index finished the session up 0.4% at 11,311, to mark a record closing for both the S&P 500 and the tech-heavy Nasdaq. It was the 36th record close for the Nasdaq in 2020 and the S&P 500’s second this week. The Dow Jones Industrial Average closed up 0.7% at 27,930. For the week, the Dow ended virtually unchanged, the Nasdaq booked a 2.7% weekly gain, while the S&P 500 rose 0.7% over the past five sessions.
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