Dow Notches Fresh Intraday High as Investors Cheer Stimulus Deal

Brent crude surpassed the $70 level for the first time in over a year

Deputy Editor
Mar 8, 2021 at 4:31 PM
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Stocks finished today mostly higher, climbing as investors applauded the passing of U.S. President Joe Biden's $1.9 trillion Covid-19 stimulus package in the Senate. Expected to be approved by the House and signed by Biden before the end of the week, the bill will provide extensions to unemployment benefits, send $1,400 checks to millions of citizens, and aid state and local governments. As a result, the Dow jumped 306 points and touched a record intraday high. Meanwhile, the S&P 500 fell alongside the Nasdaq, with Apple (AAPL) and Tesla (TSLA) both falling more than 3%, as investors dumped tech.

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

  • Billion-dollar sale boosts McAfee stock to record highs.
  • Digital Turbine stock could soar higher, says this bull signal.
  • Plus, why ADPT sunk even lower; which theme park was given the go ahead to reopen; and which dating app stock analysts love.

The Dow Jones Industrial Average (DJI - 31,802.44) rose 306.1 points, or 1% for the day. Walt Disney (DIS) topped the list of winners, rising 6.3%, while Apple stock fell to the bottom of the blue-chips, losing 4.2%.

Meanwhile, the S&P 500 Index (SPX - 3,821.35) shed 20.6 points, or 0.5% for the day. The Nasdaq Composite (IXIC - 12,609.16) lost 311 points, or 2.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 25.47) added 0.8 point, or 3.3%, for the day.

Closing Summary 0308

nyse nasdaq 0308

  1. It was revealed that the recently passed Covid-relief bill offers $86 billion in grants to failing pension plans in industries including construction, manufacturing, mining, and more. (CNBC)
  2. With the recent jobs report showing better-than-expected results, it seems like improved growth prospects may come at a cost. (MarketWatch)
  3. Adaptive Biotechnologies stock sunk lower after a bear note.
  4. Options traders targeted this entertainment stock after a big announcement.
  5. Analysts are hot on Bumble stock at the moment.

There were no earnings of note today.

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Brent Crude Breaks $70 Barrier for First Time in Over a Year

Oil prices fell today, giving up earlier gains that saw Brent crude futures rise above the $70 level for the first time in more than a year, after Saudi Arabia said its oil facilities were the target of missiles and drones by Yemen's Houthi rebels on Sunday. In response, April-dated crude lost $1.04, or 1.6%, to settle at $65.05 per barrel on the day.

Gold prices slid as well, continuing their hold at nine-month lows as rising U.S Treasury yields and a strengthening dollar put pressure on bullion. As a result, April-dated gold shed $20.50, or 1.2%, to settle at $1,678 an ounce on the day.

 

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