NASDAQ posted its 31st record close for 2020, led by Monster Beverage Co., Amazon, and Apple.
Amazon continues to climb as the lockdowns of COVID-19 have driven increased delivery sales in Q2. Apple turned in stronger than expected earnings and announced a 4-for-1 split that took investors by surprise.
Monster had a good Q2 as shares rose after the bell Tuesday and the beverage company topped Wall Street estimates. The company said it has experienced little supply chain interruption.
Monster (Nasdaq: MNST) reported second-quarter net income of $311.4 million, or 59 cents a share, compared with $292.5 million, or 53 cents a share, in the year-ago period.
Pepsi said Wednesday it made a deal to buy another energy player, the privately held Rockstar Energy Beverages for $3.85 billion. The deal is intended to give the beverage and snack company a better position against competitor Coca-Cola in the energy beverage space.
The Dow closed up 373-plus points powered by Disney and Boeing, but Wal-Mart was the loser on the NYSE.
The S and P was led by industrial and financial sectors, and is 2 percent away from an all-time high.
Analysts say the NASDAQ advance could be based on a general sense that the country is going in the right direction with vaccine development. There is also a sentiment that the public is willing to accept some risk to open businesses again.