Early Stimulus Sign-off Sends Dow, S&P 500 to Record Closes

President Biden signed the Covid-19 relief bill earlier than expected

Assistant Editor
Mar 11, 2021 at 4:30 PM
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Stocks rose in incredible fashion on Thursday, after U.S. President Joe Biden signed the $1.9 trillion Covid-19 relief bill earlier than expected. The bill will put $1,400 direct payments into millions of Americans' bank accounts, and see $20 billion go toward vaccinations, as well as $350 billion into state, local, and tribal relief. In response, the Dow rose 188 points, notching its third-straight intraday high, while the S&P 500 soared to a record close. Elsewhere, the Nasdaq scored a win too, and is continuing to fight for fresh highs after dipping into correction territory earlier in the week.

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

  • A quick guide on the ins and outs of options pricing.
  • There's a lot to love about Texas Instruments stock.
  • Plus, why PRTY plunged today; which pharma company's vaccine use was paused; and more on MSGN's merger news.

The Dow Jones Industrial Average (DJI - 32,485.59) rose 188.6 points, or 0.6% for the day. Boeing (BA) topped the list of winners, rising 2.7%, while Verizon (VZ) fell to the bottom of the blue-chips, losing 2.7%.

Meanwhile, the S&P 500 Index (SPX - 3,939.34) added 40.5 points, or 1% for the day. The Nasdaq Composite (IXIC - 13,398.67) gained 328.8 points, or 2.5% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.91) shed 0.7 point, or 2.9%, for the day.

Closing summary 0311

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  1. The most recent stimulus package was a big step in the right direction, but months of inaction still had costs. (CNBC)
  2. Now that the stimulus package has cleared Congress, here is when you can expect your $1,400 direct payment. (MarketWatch)
  3. Party City stock took a breather after a dismal quarterly report.
  4. Several countries in Europe paused the use of this company's vaccine.
  5. Big merger and acquisition news helped MSGN move higher.

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Gold Logs Third-Straight Win

Oil prices finished Thursday higher, as the rollout of Covid-19 vaccine helped boosted investor sentiment and U.S. fuel stocks plunged. However, Texas' unprecedented winter storm last month saw oil inventories surge, resulting in a cap on further gains from black gold today. In response, April-dated crude gained $1.58, or 2.5%, to settle at $66.02 per barrel on the day.

Gold scored its third-straight win, rising as bond yields continue to retreat and the U.S. dollar continues to soften. Bullion's win also comes after a report on consumer inflation, which suggested that the situation may not be as dire as some investors anticipated. As a result, April-dated gold added 80 cents, or 0.05%, to settle at $1,722.60 an ounce on the day.

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