Stock Market Today: Tech Stocks Lead Wall Street Forward Again
U.S coronavirus cases continue to spike, but Apple helped lead another Big Tech rally to drive the major indices higher Wednesday.


Wednesday's scene was a familiar one: A day of choppy trading that saw the Nasdaq and its host of mega-caap tech stocks outpace the other blue-chip indices.
The U.S. reported another record spike in coronavirus cases yesterday, which appeared to weigh on most of the market early in the day. But stocks firmed up later in the day, led by solid gains for Big Tech.
Apple (AAPL) advanced by 2.3% after Deutsche Bank analyst Jeriel Ong raised his price target to $400 per share.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"We do have some worry that the stock price has overreacted to the positive data points over the past two months, and the rough mental framework we've articulated certainly gives us some pause," Ong writes. However, "despite our worries, we do reiterate our confidence that AAPL can work from present levels."
Microsoft (MSFT, +2.2%) and Amazon.com (AMZN, +2.7%) were among other notable winners Wednesday.
The Nasdaq shot 1.4% higher to 10,492, closing yet again at all-time highs. The Dow gained 0.7% to 26,067, the S&P 500 closed 0.8% higher to 3,169, and the small-cap Russell 2000 finished with a 0.8% improvement to 1,427.
An Ugly Second Quarter for Dividends
New data out Wednesday delivered some discouraging news on the income investing front, however.
Howard Silverblatt, senior index analyst for S&P Dow Jones Indices, reports that, during the second quarter, the U.S. equity market saw a net decline of $42.5 billion in dividend payments, the worst such drop since a $43.8 billion plunge in Q1 2009.
You can chalk that up to a much-smaller-than-usual number of dividend increases amid the COVID drawdown, as well as a slew of dividend cuts and suspensions, which included 50 S&P 500 components.
"Suspensions accounted for over half the cuts (334 of 639), as there was little time to react or hold out for some companies, as those holders will get nothing for Q3,'20," Silverblatt writes.
Still, there's a little silver lining.
"Most surviving dividend issues keep an a stiff upper lip for now, with overall 2020 damage appearing to be a low single-digit decline," Silverblatt writes. "It's not the high-single-digit dividend gain expected for 2020 at year-end 2019, but for a diversified portfolio the damage could be limited for 2020."
If there's any good news, it's that the Dividend Aristocrats – stocks that have increased their dividends for 25 or more consecutive years – have (almost entirely) come through this with their dividends intact so far. So far, only one Aristocrat – a retailer – has had to suspend its payouts this year, and only a few have put off their regularly scheduled upticks. And even they still have time in 2020 to announce increases and maintain their membership.
Here, we look at an updated look at the Dividend Aristocrats (including some newcomers to the list), whose yields have shifted considerably over the past few months.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Are COVID Shots Still Covered By Medicare?
Getting the new COVID-19 vaccine covered by Medicare isn't as easy this year as it was in the past. Here's what you need to know before you take a trip to your pharmacy.
-
How Digital Platforms Are Changing the Way You Invest in Gold
Investing in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market Today
Wednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market Today
Another down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.