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The previous week began with a decline for the American stock market.

Despite this, the results of the last summer month were the best since the 1980s. According to CNBC, the S&P 500 is up 7% since the beginning of August, which means that the broad market index has shown the biggest gains for August since 1984. The Dow is up more than 7.57%, its best August in 36 years. The August rally followed a sharp rebound in the stock market from the March 23 lows. Since then, the Dow and S&P 500 are up 57% and 60.1%, respectively. The main drivers of growth were shares of large technology companies, news about the development of vaccines against COVID-19, Fed policy and expectations of additional help from US lawmakers.

The market saw moderate gains on Tuesday, driven largely by optimism about the post-pandemic economic recovery. The rally in Apple shares helped push the Nasdaq to refresh record levels, which was also supported by a jump in Zoom Video (ZM) shares, which soared 41.42% after the company's quarterly earnings. Zoom's earnings and revenues have both significantly exceeded market expectations. The ISM report showed that manufacturing activity in the US rose for the third straight month to 56.0 in August, the highest since January 2019. Economists had expected the index to rise to 54.5 from 54.2 in July.

On Wednesday the growth continued at a more noticeable pace, even the disappointing data on employment in the US private sector did not affect the market situation. The ADP said private sector employment increased by 428,000 jobs in August after rising by an upwardly revised 212,000 jobs in July. Economists expected employment to rise by 950,000 jobs, up from the addition of 167,000 jobs originally reported in the previous month. Investors expect a slowdown in the labor market recovery will force US lawmakers to seek a compromise on a new economic aid package.

The next day, as a result of the sell-off in technology companies, the major US stock indexes closed in negative territory. Apple (AAPL) shares fell more than 8%. Facebook (FB), Amazon (AMZN) and Netflix (NFLX) were down 4.6% -5%. Microsoft (MSFT) was down 6.7% and Alphabet (GOOG) was down 5.98%. The S&P 500 tech sector was down 5.95% and recorded its biggest one-day drop since June 11, when it fell 5.8%. The number of Americans filing new jobless claims fell more-than-expected last week, but remained extremely high, a sign that the labor market recovery is slowing, according to Labor Department data. According to the report, initial claims were 881,000 in the week ended August 29, up from 1.011 million in the previous week. Economists forecasted 950,000 applications.

The week ended with a moderate decline as market participants continued to sell off technology stocks. The Labor Department report showed that the US labor market recovery continued its fourth month in August. The number of non-farm jobs increased by 1.37 million, including the hiring of 238,000 temporary workers, according to published figures. At the same time, the unemployment rate fell more-than-expected, by almost 2 percentage points, to 8.4%.

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