CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Robert Frank takes a look at what the municipal bond market can tell us about future of New York City. And CNBC’s digital video team explains how the Covid-19 pandemic caused a mad rush for used cars.
S&P 500 and Nasdaq close at record highs to start September
Stocks rose on Tuesday, led by tech shares, as traders kicked off a historically tough month for the market on the right foot and built on Wall Street’s best August performance since the 1980s.
The Dow Jones Industrial Average gained 215.61 points, or 0.8%, to close at 28,645.66. The S&P 500 climbed 0.8% to 3,526.65 and the Nasdaq Composite advanced 1.4% to 11,939.67. Both the S&P 500 and Nasdaq hit all-time highs.
Walmart’s stock gets a $24 billion boost after retailer announces subscription service
Walmart+ won’t launch for two weeks, but Wall Street is reacting positively to the retailer’s forthcoming membership program and its perks. Now, investors and industry watchers will wait to see if customers sign up.
The company’s shares closed up more than 6% on Tuesday. Earlier in the day Walmart’s stock hit a new 52-week high. Its market cap rose to $418 billion.
Here are incredible stats about Zoom following its blowout earnings report
Zoom’s 569% stock price increase this year has lifted its market cap to $129 billion, meaning the nine-year-old company is worth more than IBM and twice as valuable as VMware.
In its earnings report on Monday, the video chat company said revenue in the quarter increased 355% from a year earlier, beating analysts’ estimates by 33%. The shares surged more than 38% on Tuesday after the report. Keybanc analysts called it “another historic quarter.”