Dow and S&P 500 power to a record closing high on the final day of 2020

The S&P 500 ended the year at an all-time closing high, securing a gain of just over 16% for the year, or 18% with reinvested dividends. This marked a back-to-back year of double-digit gains for the blue-chip index, after it advanced by nearly 29% in 2019.

The Dow also reached a record closing high, and ended the year with an increase of about 7%.

Though the Nasdaq lagged during Thursday’s session, its year-to-date gains were the strongest of the three major indices. With Big Tech and software stocks among the most popular this year amid the COVID-19 pandemic, the Nasdaq ended the year with a jump of more than 40%. The information technology and Amazon-heavy (AMZN) consumer discretionary sectors were the biggest outperformers in the S&P 500, in another testament to the 2020’s banner year for tech.

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