New Record For S&P 500 In U.S. Despite Mounting Concerns Over Economy

( It looks like that even President Joe Biden’s incompetency can’t hold back the market, with U.S. stock indexes ended on Monday with the Nasdaq Composite and S&P 500 reaching all-time highs.

The data shows how the S&P 500 gained 0.43% and the Nasdaq Composite grew by 0.9%, showing the economy – or, at least, big businesses – growing again after a huge period of stagnation and struggles during the COVID-19 pandemic.

However, the Dow Jones Industrial Average dropped by 55 points and 0.16%. It meant that the Dow dropped by a total of 225 points below its record peak.

The big drivers behind this growth were Big Tech companies, with Apple Inc., Microsoft Corp., and Alphabet Inc. (the parent company of Google) all coming close to their record highs as investors bet on the high chance that interest rates will stay at near-zero for the foreseeable future.

However, major oil companies dropped fairly significantly in the wake of Hurricane Ida, the huge tropical storm that hit Louisiana and caused destruction last week. The storm resulted in 95% of oil and gas production being halted in the Gulf of Mexico.

Exxon Mobil Corp. dropped by 0.38% and West Texas Intermediate crude oil was trading down 33 cents.

The stock market is a mixed bag at the moment, but President Joe Biden’s economic policies so far have not favored small businesses or landlords. As eviction moratoriums keep getting implemented by the federal government and smacked down by the Supreme Court, landlords are not certain they will be paid for providing tenants a place to live.

Similarly, small businesses all over the country continue to suffer from a labor shortage caused by the Democrats’ decision to extend additional unemployment benefit payments to anybody who would rather stay at home and avoid work because of COVID-19.