Dow Claws Back to Seven-Straight as Stimulus Checks Roll Out

European countries are suspending AstraZeneca's vaccine over blood clot issues

Digital Content Manager
Mar 15, 2021 at 4:32 PM
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Stocks scored a win to start off the week, despite pulling back earlier in the afternoon. The Dow managed a 175-point pop, and nabbed its seventh-straight gain and a new closing high, as the stocks that would benefit from an economic recovery led the way. Meanwhile, the S&P 500 and tech-heavy Nasdaq also managed to claw back into the black, with the former snagging its own intraday and closing record.*

Lifting investor sentiment today was news that the Internal Revenue Service (IRS) has already started processing the $1,400 payments that are part of the $1.9 trillion stimulus package. However, that optimism was dampened when Italy joined a rising number of European countries that have suspended the use of AstraZeneca's (AZN) Covid-19 vaccine due to concerns over blood clots. 

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

  • Carnival stock sailed higher after upbeat fleet comments.
  • This movie theater name popped on California reopening plans.
  • Plus, Dollar General stock's lofty upgrade; diving into options valuation and probability; and can this home furnishing stock stay red-hot?

The Dow Jones Industrial Average (DJI - 32,953.46) added 174.8 points, or 0.5% for the day. McDonald's (MCD) led the Dow components with a 3.8% rise, while Dow (DOW) paced the laggards, falling 2.2%.

Meanwhile, the S&P 500 Index (SPX - 3,968.94) rose 25.6 points, or 0.7% for the day. The Nasdaq Composite (IXIC - 13,459.71) jumped 139.8 points, or 1.1% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.03) fell 0.7 point, or 3.2% for the day.

 Closing Summary 0315

nyse nasdaq 0315

  1. The vaccine rollout is spurring a jump in air travel, with bookings and Transportation Security Administration (TSA) screenings rising to the highest level in a year. (CNBC)
  2. Deutsche Bank predicts a new wave of fearless, young retail investors could pour $170 billion on stocks, as stimulus checks hit their bank accounts. (MarketWatch)
  3. Dollar General stock earned a lofty upgrade ahead if its quarterly report.
  4. In the latest Market Mashup, our guest talks options valuation and probability.
  5. Diving into whether or not this home furnishing stock can stay hot this year.

There were no earnings of note today.

UVOL0315

Gold Nears Two-Week High While Oil Drops 

Oil prices pummeled on Monday, extending last week's losses as Brent Crude failed to stay above the $70 level. The negative price action came despite strong demand out of China, where economic activity has surged in January and February. In response, April-dated crude fell 22 cents, or 0.3%, to settle at $65.39 per barrel.

Meanwhile, gold prices skyrocketed to their highest level in nearly two weeks. A drop in Treasury note yields contributed to the metal's rise, though investors are still eyeing the outcome of the Federal Reserve’s monetary policy meeting this week. As a result, April-dated gold added $9.40, or 0.6%, to settle at $1,729.20 an ounce. 

*Editors Note: A previous version did not mention the S&P 500 Index's intraday and closing high. We apologize for the missing information.

 

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