US stock prices closed mixed on Monday, as the Nasdaq hit fresh all-time high while the Dow Industrials lagged. The S&P 500 index closed just shy of an all-time high. The temporary rotation into value from growth has ended as investors piled back into technology shares. Sectors in the S&P 500 index were mixed, led higher by cyclicals and technology, while financials weighed on the broader indices. Gold mining stocks surged higher on Monday following news that Berkshire Hathaway took a large position in Barrack gold.
Gold prices also shot higher rising 2% as the dollar continued to trend lower. US Homebuilder confidence moved higher, matching a record set in December of 1998. The VIX volatility index continued to trend lower, falling below 22.
Homebuilder Confidence Rose
Builder confidence in the newly built, the single-family home market jumped 6 points to 78 in August on the National Association of Home Builders/Wells Fargo Housing Market Index. Anything above 50 is considered positive sentiment. The index is now at the highest level in the 35-year history of the monthly series and matches the record set in December 1998. Builder sentiment plunged to 30 in April, when the coronavirus pandemic shut down the U.S. economy, but it recovered quickly as consumers suddenly sought more space in less urban areas. #US##NASDAQ##DOW#
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