S&P 500 closes above 3,400 for first time | Big Fed speech this week | TikTok sues US government

Stocks rose to an all-time high on Monday, lifted by gains in tech and some reopening names, as sentiment around the coronavirus pandemic improved.

VIEW IN BROWSER | SUBSCRIBE MON, AUG 24, 2020 EVENING BRIEF AS OF MON, AUG 24, 2020 • 04:50 ET DJIA 28308.46 +1.35% +378.13 S&P 500 3431.28 +1.00% +34.12 NASDAQ 11379.72 +0.60% +67.92   Most Active DOW NAME LAST CHG %CHG AAPL 503.43 +5.95 +1.20% BA 178.27 +10.77 +6.43% INTC 49.14 -0.14 -0.28% S&P 500 NAME LAST CHG %CHG GE 6.63 +0.32 +5.07% AAL 13.44 +1.28 +10.53% AAPL 503.43 +5.95 +1.20% NASDAQ NAME LAST CHG %CHG AAL 13.44 +1.28 +10.53% AAPL 503.43 +5.95 +1.20% UAL 36.32 +3.28 +9.93%   EDITOR'S NOTE The stock market picked up right where it left off last week.   The S&P 500 rallied to a fresh all-time high, building on the previous week's move through the record set in late February. Monday's action was driven by a combination of optimism around the coronavirus — with daily U.S. cases falling and the government approving emergency treatments — as well as additional gains in tech.   Apple shares rose, leading other tech-related names higher, including Facebook and Alphabet. To be sure, the recent outperformance from Big Tech has raised questions about how sustainable this broader market rally has been.   Strategists at Bespoke Investment Group highlighted that Apple is currently "the most extended" it has been since May 2008, trading more than 26% above its 50-day moving average. They also pointed out that the company is nearly 60% above its 200-day moving average.   However, value investor Joel Greenblatt thinks the "froth" in the market is not coming from Apple and the other "FAANGM" stocks.   "I think some of the stocks that people worry about — whether it's Apple, Microsoft, Google, Facebook, Amazon, all those leading companies — they really just sell at a slight premium to the market," Greenblatt, co-chief investment officer at Gotham Asset Management, told CNBC's "Squawk Box" on Monday. "But they have better growth, they have some of the best franchises in the history of the world."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Fred Imbert | CNBC Markets Reporter @foimbert TOP NEWS  S&P 500 hits another record, closes above 3,400 for the first time as Apple and airlines rise TikTok sues U.S. government over Trump ban Powell set to deliver 'profoundly consequential' speech, changing how the Fed views inflation Strategist who called rally says keep buying, U.S. will soon be among 'safest places in the world' Here's the speaker lineup for the first night of the Republican National Convention Scientists doubt convalescent plasma touted by Trump is a 'breakthrough' coronavirus treatment As shopping picks up during pandemic, the gap widens between retail's haves and have-nots Latest on the coronavirus 20 strategists predict the U.S. presidential election — and how stocks will react Joel Greenblatt on Tesla: 'I really can't explain it'   TOP VIDEO Jim Cramer: Tesla is the 'greatest momentum story every told'   CNBC PRO Two major types of investors agree on these stocks, so they could be set to outperform, Goldman says   SPECIAL REPORTS More than half of states are now approved for the extra $300 per week in unemployment insurance Tech stocks and S&P 500 hit highs – four experts on what to watch   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS