Major Benchmarks Bounce Back After Upbeat Vaccine News

Bond yields seemed to cool down after Fed Chair Jerome Powell's comments

Digital Content Manager
Feb 24, 2021 at 4:32 PM
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The major indexes roared back on Wednesday, as investors set inflation and interest rate anxieties aside to favor stocks that could be tied to an economic recovery. The Dow extended this afternoon's gains to add a whopping 424 points and close at a record high. Meanwhile, the S&P 500 settled firmly in the black, and the Nasdaq erased earlier losses as Big Tech started to recover.

Bond yields seemed to take a step back following Fed Chair Jerome Powell's comments, which largely brushed off inflation concerns. Also giving sentiment a boost was Johnson & Johnson's (JNJ) upbeat vaccine update, with the Federal Drug Administration (FDA) calling the shot both safe and effective.

Continue reading for more on today's market, including:

  • Lowe's stock faltered despite quarterly beat.
  • How JNJ reacted to the FDA vaccine update.
  • Plus, SQ slips after earnings win; the gambling stock with fresh highs up its sleeve; and GameStop takes the spotlight once again.

The Dow Jones Industrial Average (DJI - 31,961.86) added 424.5 points, or 1.4% for the day. Boeing (BA) led the Dow components with an 8.1% rise, while Home Depot (HD) paced the laggards, falling 2.7%.

Meanwhile, the S&P 500 Index (SPX - 3,925.43) rose 44.1 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 13,597.97) jumped 132.8 points, or 1% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.34) lost 1.8 point, or 7.7% for the day.

 closing indexes feb 24

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  1.  Central Intelligence Agency (CIA) nominee William Burns called China an "authoritarian adversary," and vowed to ramp up competition with Beijing. (CNBC)
  2. U.S. President Joe Biden will sign an executive order to review supply chains for semiconductors and other critical goods, in response to shortages. (MarketWatch)
  3. Why Square brushed off an earnings beat.
  4. Bull signal says fresh highs are in the fold for this gambling giant.
  5. GameStop stock is making headlines again after CFO resignation.

ernings feb 24

uvol feb 24

Oil Prices Close at 13-Month High After Inventory Drop

Oil prices surged on Wednesday to settle at a 13-month high, after Energy Information Administration (EIA) data showed U.S. crude inventories rose by 1.3 million barrels last week, due to a big drop in distillate inventories. These changes also suggested major supply losses could be lying ahead, as the winter storms continue to wreak havoc in the energy production sector. In turn, April-dated crude rose $1.55, or 2.5%, to settle at $63.22 per barrel.

Meanwhile, gold prices were lower, slipping below the significant $1,800 mark for the first time in a week. Traders seemed to be second-guessing the yellow metal in light of U.S. Treasury bond yields. Powell's promises to keep lenient monetary policies unchanged did not help the commodity, either. As a result, April-dated gold fell $8, or 0.4%, to settle at $1,797.90 an ounce.

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