New records for Dow, S&P 500 | Fastest bull market since WWII | Fed's next move
EDITOR'S NOTE
After starting Monday's trading session in the red, the S&P 500 and the Dow Jones Industrial Average managed to reverse course and push higher during afternoon trading, before ultimately closing at record levels. The climb to new heights came as investors shrugged off weak economic data out of China.
Monday's record close — 4,479.71 — is the S&P 500's 49th this year. But today's is perhaps more important than the rest, since the benchmark index has now doubled from its pandemic low on March 23, 2020.
The Dow also hit a new intraday and closing high on Monday, advancing 110 points, or 0.3%, to 35,625.40. The Nasdaq Composite, however, bucked the upward momentum and slid 0.2% to 14,793.76. 
Though data out of China showed the economy slowed more than expected in July, some Wall Street firms said concerns about ripple effects may be overstated.
"We don't expect the latest Covid wave to have a major growth impact, but there will likely be some fallout, adding to the slowing due to the fading of the boosts from 'reopening' and fiscal stimulus," analysts at TD Securities wrote in a note to clients.
"A key reason for limited economic fallout is the low likelihood of significant new 'lockdowns,'" the firm added.
Meanwhile, CNBC's senior economics reporter Steve Liesman notes that there's growing support within the Federal Reserve to announce the tapering of bond purchases in September. The buying slowdown could then begin as early as October, he found.
This would mark a faster timeline than the markets were expecting as recently as one month ago. "Those changing views follow the strong jobs data of the past two months along with higher inflation readings," Liesman writes. TOP NEWS
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