Stock market ends first trading day in September on a high note as S&P 500 and Nasdaq book fresh record highs

U.S. stocks started September trade auspiciously, with large-capitalization, technology related shares helping to secure a positive return in what has seasonally been the weakest month of the year for equity benchmarks. The Dow Jones Industrial Average DJIA, +0.75% finished up by about 216 points, or 0.8%, at 28,646, helping to erase some of its losses from Monday. The S&P 500 index SPX, +0.75% closed up 0.8% higher at a record at around 3,527, wrapping up trade near the highs of the session, powered by gains in information technology shares XLK, +1.91% and materials XLB, +2.81%. The technology-laden Nasdaq Composite Index COMP, +1.39% rose 1.4% to finish at an all-time high at about 11,940, closing in on a psychologically significant, round-number level near 12,000. The S&P 500 notched its 21st closing record of 2020 while the Nasdaq logged its 41st. Meanwhile, Tesla shares TSLA, -4.67% ended down 4.7%, giving up a chunk of its Monday gains of over 12% after the electric-vehicle maker announced at a $5 billion stock offering that will dilute existing shareholders, with that coming fresh off its completed 5-for-1 stock split. The market's gains on Tuesday were at least partly driven by better-than-expected manufacturing data from the Institute for Supply Management, which helped to erase some weakness at Tuesday's open.

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