August 18, 2020

Coronavirus latest: US food and DIY retailers reap benefits from Americans stuck inside

US stocks hit record high after rebound from March low

Adam Samson and Harry Dempsey in London

Wall Street’s benchmark stock index has struck an all-time intraday high after rallying more than 50 per cent from the bear-market low hit during the darkest days of the coronavirus crisis. 

The S&P 500 index rose 0.3 per cent in early trading on Tuesday to a high of 3395, eclipsing the previous record that was reached in February, before the pandemic slammed Wall Street and global financial markets.

The barometer has soared 54 per cent since the low that was struck on March 23, with the gains being led by America’s biggest technology companies including Apple, Amazon, Microsoft and Google parent Alphabet.

The rise has prompted concerns among some investors that these stocks are vulnerable to a crash reminiscent of the early 2000s dotcom bust.

“Fortunately, [valuations are] not at similar nosebleed levels, which prevents the market meltdown scenario of 2000-02,” said Tobias Levkovich, chief US equity strategist at Citi. “But we still worry that investors have crowded into one area that might be ripe for some pitfalls.”

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Stanley Druckenmiller reveals bets on companies hit hard by the pandemic — Here are the highlights

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Finance Minister Grant Robertson stated that whereas the central …