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rdf:type	schema:NewsArticle
schema:articleBody	Wall Street on Friday hit a milestone in its recovery from the coronavirus downturn, with the Dow erasing its losses for the year and the S&P and Nasdaq hitting record highs. The benchmark Dow Jones Industrial Average closed up 0.6 percent at 28,653.87, bringing it back to where it was at the start of the year before it plunged in March as Covid-19 forced businesses closed across the United States. The broad-based S&P 500 gained 0.7 percent to end at 3,508.01, its sixth straight record high, while the tech-rich Nasdaq Composite Index posted its own record of 11,695.63 after an increase of 0.6 percent. US stocks have prospered in recent months thanks to gains made by tech giants as more consumers stayed home to avoid catching the coronavirus. Also helping matters has been trillions of dollars in liquidity rolled out by the Federal Reserve to keep markets functioning normally, and traders were further emboldened by the central bank's announcement this week that it would allow inflation to creep above its 2.0 percent target before raising rates further. The Nasdaq and S&P have repeatedly posted records since the March plunge, and Gregori Volokhine, portfolio manager at Meeschaert financial Services, said the lack of tech stocks in the Dow means it took time to build momentum. "It was behind the other indices because the technological values have less weight," he said of what is otherwise noteworthy run for stocks. "Every day the same story is repeated. It's extremely impressive." For the week, the Dow was up 2.6 percent, the S&P 3.3 percent higher and the up Nasdaq 3.4 percent, with the latter two indices hitting their fifth consecutive week in the black. Among individual shares, MGM Resorts International closed up 4.6 percent after announcing 18,000 furloughed workers would be permanently laid off at the end of the month. Coca-Cola was up 3.3 percent after it said it would reorganize its operations and offer about 4,000 employees severance packages in North America, with other layoffs to come internationally. Walmart was up 2.7 percent after it said it had teamed up with Microsoft to make a bid for short-form video app TikTok, which has come under fire from President Donald Trump's administration. cs/hs
schema:headline	Dow erases 2020 loss at close, S&P, Nasdaq post new records
schema:mentions	Downhill creep S&P 500 Index The Coca-Cola Company Dow Jones Industrial Average North America Federal Reserve Inflation TikTok Microsoft Walmart United States President of the United States Donald Trump Coronavirus disease 2019 MGM Resorts International Investment management Market liquidity NASDAQ Composite Momentum
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-08-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	58 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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