Nasdaq ends at record high

Wall Street showed signs of a Santa rally on Tuesday, with the Nasdaq closing at a record high, helped by optimism about a potential government stimulus to protect the economy from the coronavirus pandemic.

Apple Inc was the top boost to all three U.S. benchmarks, surging 5% to its highest since September after a report said it plans to increase iPhone production by 30% in the first half of 2021.

The Russell 2000 index of smaller companies surged about 2.4% to a record high. It was the strongest day since Nov. 24 for the S&P 500 and the Dow Jones Industrial Average.

Some investors viewed the recent spike in coronavirus infections and deaths, along with a grim November employment report, as an impetus for a quick deal on a COVID-19 stimulus bill, with economically sensitive sectors such as consumer discretionary, materials leading gains.

The S&P 500 utilities index rose almost 2% and logged its strongest one-day gain since early November.

Avadoot Shah

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