Dow Scores Four Straight on Bond Yields, Stimulus Tailwinds

Meanwhile the VIX sunk to its lowest point in two weeks

Assistant Editor
Mar 10, 2021 at 4:28 PM
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The major indexes scored another win today, as bond yields eased and a new stimulus package sent investors flocking toward stocks that will benefit from a reopening economy. U.S. President Joe Biden, whose $1.9 trillion Covid-19 relief bill was passed by House Democrats today, said $1,400 stimulus checks should go out to millions of citizens starting this month. In response, the Dow logged a record close, rising 464 points for its fourth-straight win. The S&P 500 also ended the session higher, while the Nasdaq slipped just below breakeven in the final minutes of trading. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell to its lowest point in two weeks.

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

  • BlackBerry stock's recent run shows the Reddit trading frenzy is far from over.
  • This bull signal says Bed Bath & Beyond stock has room to soar.
  • Plus, a million-dollar sale for CAG; more on Toll Brothers' dividend hike; and analysts react to HRB's earnings.

The Dow Jones Industrial Average (DJI - 32,297.02) rose 464.3 points, or 1.5% for the day. Boeing (BA) topped the list of winners, rising 6.4%, while Apple (AAPL) fell to the bottom of the blue-chips, losing 0.9%.

Meanwhile, the S&P 500 Index (SPX - 3,898.81) added 23.4 points, or 0.6% for the day. The Nasdaq Composite (IXIC - 13,068.83) lost 5 points, or 0.04% for the day.

Lastly, the Cboe Volatility Index (VIX - 22.56) shed 1.5 point, or 6.1%, for the day.

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  1. Following in the footsteps of companies like Spotify, Slack, and Palantir, Roblox became the latest to go public through direct listing, reaching a $35.5 billion market cap. (CNBC)
  2. Twitter's connection speed was hindered overseas today, after the Russian government ordered so in an attempt to remove "content forbidden in Russia." (MarketWatch)
  3. Congara Brands stock inched up the charts after a big sale.
  4. This luxury homebuilder hiked its dividend considerably. 
  5. Bull notes poured in for H&R Block stock after earnings.

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Gold Scores Best Day in a Week

After fluctuating between gains and losses, oil prices ultimately finished the session higher. Output curbs by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) and an upbeat forecast from the Organization for Economic Cooperation and Development (OECD) kept investor sentiment high, though rising U.S. inventories threatened to take a toll on black gold. In response, April-dated crude gained 44 cents, or 0.7%, to settle at $64.44 per barrel on the day.

Gold prices rose as well, hitting its highest level in a week as U.S. Treasury yields retreated following the release of optimistic inflation data. A softening dollar also helped give bullion some support. As a result, April-dated gold added $4.90, or 0.3%, to settle at $1,721.80 an ounce on the day.

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