Equities enjoyed a broad rally
It was a bullish day for the stock market, as equities rallied in the face of a stabilizing 10-year Treasury yield. The Dow jumped nearly 400 points, led by another tech-sector surge. It was smooth sailing for the S&P 500 Index and Nasdaq, too, with the latter moving into positive month-to-date territory. While the economic schedule was rather light today -- aside from a fresh round of housing data, and a dovish speech from St. Louis Fed President James Bullard -- action picks up in a big way moving forward, with many investors already eyeing this week's congressional testimony by new Fed Chair Jerome Powell.
Continue reading for more on today's market, including:
- Founder and CEO Bernie Schaeffer explains why the bond yield rally bodes well for stocks.
- It could be time to buy put options on these tech stocks.
- 2 pharma stocks that soared on regulatory wins.
- Plus, options traders jumped on steel stocks; a laser stock that got burned; and 25 stocks that could rally.
The Dow Jones Industrial Average (DJI - 25,709.27) added 399.28 points, or 1.6%, with no speed bumps in sight. In fact, Coca-Cola (KO) was the only blue chip to close in the red, shedding just 0.02%. The biggest gainer was Cisco Systems (CSCO), closing up 3.1%.
The S&P 500 Index (SPX - 2,779.60) rose 32.3 points, or 1.2%, and the Nasdaq Composite (IXIC - 7,421.46) added 84.1 points, or 1.2%.
The Cboe Volatility Index (VIX -15.80) dipped 0.7 point, or 4.2%.
5 Items on Our Radar Today
- The U.S. Supreme Court decided today it would not hear the Trump administration's appeal of a lower court ruling that it cannot end protections for immigrants known as "Dreamers." President Donald Trump had said the program would start to be phased out in March. (Reuters)
- In other courtroom news, a judge has ruled "pharma bro" Martin Shkreli is responsible for over $10 million in financial losses, setting the stage for a potential multi-year prison sentence. Mr. Shkreli had argued he had caused no losses for investors. (Reuters)
- Options traders responded to steel tariff buzz.
- Why this laser stock got crushed.
- 25 stocks that could rally.
Data courtesy of Trade-Alert
Oil and Gold Trade Higher
April-dated crude futures rose 36 cents, or 0.6%, to end at $63.91 per barrel, marking oil's highest close in roughly three weeks.
Gold prices also ticked higher today. Gold set for April delivery was up $2.50, or 0.2%, at the close to land at $1,332.80 an ounce.