US STOCKS-S&P 500 on track for best August since 1984

By Medha Singh and Devik Jain

Aug 31 (Reuters)The S&P 500 was set to open at a record high on Monday for the sixth straight session, as bets on an economic revival due to prolonged central bank support put it on course for its best August in decades.

The Federal Reserve’s commitment to tolerate inflation and keep interest rates low, positive developments in vaccines and treatments for COVID-19 and a momentum-driven rally in tech-focused stocks have helped the S&P 500 and Nasdaq hit consecutive all-time highs recently.

The blue-chip Dow is within 3% of its record close on Feb. 12.

“There is a reallocation of assets from sectors that are not performing, into sectors that are,” said Stan Gregor, chief executive officer of Summit Financial LLC in Parsippany, New Jersey.

“Right now the euphoria is stay long on technology and stay-at-home stocks.”

The three main indexes are

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