Nasdaq hits new high along with COVID-19 cases

Markets were mixed on Tuesday.

In the US, the Nasdaq Composite rose 0.3 percent to close at a record high but the S&P 500 fell 0.8 percent while in Europe, the STOXX Europe 600 fell 1.2 percent.

Earlier in Asia, the Shanghai Composite rose 0.6 percent but the Nikkei 225 fell 0.4 percent.

“It does seem, at least right now, that even lower quality stocks seem to be finding interest,” said Noah Hamman, Founder & CEO of AdvisorShares.

There was caution elsewhere in the markets though amid signs that COVID-19 cases and hospitalisations are spiking in parts of California and the US Southwest.

On Tuesday, 21 US states reported weekly increases in new cases of COVID-19. Arizona, Utah and New Mexico all posted rises of 40 percent or higher for the week ended Sunday and were among the states that recorded their highest seven-day average of new coronavirus cases since the pandemic began.