All three major indexes logged their best day in months
Stocks started off March on the right foot, notching outsized wins as Wall Street cheered vaccine optimism and a tech sector recovery. The Dow popped 603 points for its biggest one-day gain since Nov. 9, while the S&P 500 logged its best single-session tally since April 6. The Nasdaq scored its biggest win since Nov. 3, boosted by the likes of Apple (AAPL) and Tesla (TSLA). Elsewhere, the 10-year Treasury yield dipped to 1.4% -- down from Thursday's high of 1.6% -- easing investor tension about the rapid rise in rates.
Continue reading for more on today's market, including:
- Despite its recent losing streak, STMP still has a lot to offer.
- Could more highs be in store for this major online dating player?
- Plus, analysts buzzing on Boston Beer stock; Citigroup makes history; and PLUG upgraded.
The Dow Jones Industrial Average (DJI - 31,535.51) rose 603.1 points, or 2% for the day. Boeing (BA) led the Dow components with a 5.8% rise, while Merck (MRK) paced the two laggards, falling 0.3%.
Meanwhile, the S&P 500 Index (SPX - 3,901.82) added 90.7 points, or 2.4% for the day. The Nasdaq Composite (IXIC - 13,588.83) gained 396.5 points, or 3% for the day.
Lastly, the Cboe Volatility Index (VIX - 23.35) fell 4.6 points, or 16.5% for the day.
- Federal appeals court Judge Merrick Garland will have his nomination for attorney general advanced to the full Senate, and is expected to be confirmed as the head of the Department of Justice. (CNBC)
- Biden's picks to lead the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB) will participate in confirmation hearings, as well. (MarketWatch)
- Analysts are hopped up on this beer stock.
- A CEO shift has everyone excited about Citigroup stock.
- Plug Power stock surged following an upgrade.
There were no earnings of note today.
Oil Retreats from Early Session Gains, Gold Snaps Losing Streak
Oil prices pulled back from earlier gains Monday, as fears surrounding the slowing of Chinese oil crude consumption weighed on investors and overshadowed the optimism surrounding vaccine and U.S. economic stimulus updates. As a result, April-dated crude fell 86 cents, or 1.4%, to settle at $60.64 per barrel.
Gold prices pulled back as well, notching their fifth-consecutive loss. A stronger U.S. dollar dragged the yellow metal down, as did a healthier risk appetite amongst traders, even as U.S. Treasury yields retreated. In response, April-dated gold fell $5.80, or 0.3%, to settle at $1,723.00 an ounce.