Here's what happened to the stock market on Monday

CNBC Markets Now: August 31, 2020
CNBC Markets Now: August 31, 2020

Dow Jones Industrial Average falls 223 points

The Dow dropped 223.82 points, or 0.8%, to 28,430.05. The S&P 500 fell 0.2% to 3,500.31. The Nasdaq Composite advanced 0.7% to 11,775.46. Stocks posted a mixed performance on Monday as traders wrapped up the the market's best August in more than 30 years

Best August in decades

The S&P 500 rose more than 7% in August, along with the Dow. It was the best August for the Dow since 1984 and the best August for the S&P 500 since 1986. This month's gains have pushed the S&P 500 to record levels, officially confirming a new bull market has started. The August rally built on the market's sharp rebound off the March 23 lows.

Apple and Tesla jump, banks struggle

Apple and Tesla shares rose 3% and 12%, respectively, after their stock splits took effect on Monday. Both stocks contributed to the Nasdaq's sharp gains on Monday. Banks, meanwhile, fell broadly as yields declined. JPMorgan Chase dropped 2.5% while Citigroup slid 2.2%. 

What happens next?

Data on manufacturing activity and construction spending are set for release Tuesday. 

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