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Dow Closes at Record High as Energy, Industrials Shine; GameStop Soars

Stock MarketsFeb 24, 2021 04:02PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow closed at a record high Wednesday, as value sectors like energy and industrials continue to gather steam amid expectations that another round of stimulus and the ongoing vaccine roll out will spur a stronger economic recovery. 

The Dow Jones Industrial Average rose 1.4%, or 424 points, at a record high of 31,961.86 after hitting an intraday high 31,978.90. The S&P 500 was up 1.1%, while the Nasdaq Composite gained 0.%.

Energy, up more 3%, led the move higher in cyclical stocks as oil prices shrugged off an unexpected build in the crude stockpiles on expectations of a boost to demand from a stronger recovery.  

Crude inventories increased 1.28 million barrels last week, compared with analysts' expectations for a draw of 5.19 million barrels. The move coincided with a draw in gasoline and distillate stocks as refinery activity slowed during the recent cold snap that battered oil-rich Texas.

Marathon Oil (NYSE:MRO), EOG Resources (NYSE:EOG) and Occidental Petroleum (NYSE:OXY) were among the biggest gainers, with the latter up 8%.

Forecasting above above-consensus economic growth in 2021, Goldman Sachs (NYSE:GS) said performance "would benefit from improved growth expectations and a continued rotation into economically-sensitive cyclical equities."

Industrials were also firmer, with airlines leading to the upside on expectations for a surge in travel demand when the economy full reopens and further fiscal support to the aviation industry.

United Airlines Holdings (NASDAQ:UAL) and Boeing (NYSE:BA) closed up more than 8%, and American Airlines (NASDAQ:AAL) up nearly 6% on the day.

Positive vaccine news also added to the bullish bets on stocks as the Food and Drug Administration said Johnson & Johnson (NYSE:JNJ)'s single shot Covid-19 vaccine was safe and effective ahead of vote later this week on whether to grant emergency use authorization, with doses expected to roll out next week.

Tech stocks, which have been abandoned on fears about rising inflation, found some reprieve amid a jump in chip stocks ahead of Nvidia (NASDAQ:NVDA)'s quarterly results due later.

But big tech remained sluggish as Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN) and Facebook (NASDAQ:FB) closed lower. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) were higher.

Tesla (NASDAQ:TSLA), meanwhile, pared some its losses from a day earlier, up about 6% after Ark investment manager Cathie Wood revealed she had bought $120 million of the electric automaker's shares following a rout on Tuesday.

In other news the so-called meme stocks rallied strongly. GameStop Corp (NYSE:GME) jumped more than 100% to close above $90, while AMC Entertainment Holdings Inc (NYSE:AMC) surged 18%. The surge in Gamestop comes on reports its chief financial officer Jim Bell is set to leave amid pressure from board member Ryan Cohen. Cohen recently joined the company, to help it grow its digital business.  

Dow Closes at Record High as Energy, Industrials Shine; GameStop Soars
 

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Comments (11)
Ben Ma
Ben Ma Feb 24, 2021 7:26PM ET
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$tsla didn't "pare some of its losses from yesterday" . it was only down 15 points yesterday and up over 40 today.
Mike Chen
Mike Chen Feb 24, 2021 5:59PM ET
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Powell said before, Never go against the QE rule, buy all you have!
Michael Jones
Michael Jones Feb 24, 2021 5:40PM ET
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fools just wanted any headline to run this ***up again.
Jin News
Jin News Feb 24, 2021 5:40PM ET
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That's what people said in 2020 too. Still, record high
Michael Jones
Michael Jones Feb 24, 2021 5:37PM ET
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free money
Raymond Huggard
Raymond Huggard Feb 24, 2021 4:39PM ET
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Enjoy while you can. Biden will lead us to a depression within a year.
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Chris Vu
Chris Vu Feb 24, 2021 4:39PM ET
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Trump led us to the Capitol insurrection which caused five deaths. Not only that he caused the loss of over 500,000 for failure to recognize the severity of Covid.
Jin News
Jin News Feb 24, 2021 4:39PM ET
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Didn't they say the same thing about Trump?
Pedro Martins
Pedro Martins Feb 24, 2021 4:39PM ET
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"if Biden wins the election the stock market will tumble"
Kelly Mayer
Kelly Mayer Feb 24, 2021 4:39PM ET
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Did the Biden era end already and no one was given notice about it? And has anyone heard about a sound (and miraculous) plan on how this historically high US debt is going to paid, rathern than a "i know! let's add a couple more trillions on top of that" plan? Give it time. By 2022 things will likely be much more in sync with the unpayable debt that is looming behind the recovery euphoria.
Kelly Mayer
Kelly Mayer Feb 24, 2021 4:39PM ET
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Chris Vu You need rehab from the junk news you've been consuming lately.
Joe Bartlett
Joe Bartlett Feb 24, 2021 4:29PM ET
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Maybe Gamestop will replace Bitcoin
Dionte Edwards
Dionte Edwards Feb 24, 2021 4:29PM ET
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Gamescoin has a nice ring to it :)
dodo kuz
dodo kuz Feb 24, 2021 4:28PM ET
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Do you guys reccomend buying more GME or is it dropping tmrw
Lucas Ribeiro
Lucas Ribeiro Feb 24, 2021 4:28PM ET
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buy and give millions to short saler again. I will be shorting soon
Brad Jones
Brad Jones Feb 24, 2021 4:28PM ET
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Just give the money to charity !
Casador Del Oso
Casador Del Oso Feb 24, 2021 4:23PM ET
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California strain vaccine resistant!https://news.yahoo.com/californias-coronavirus-strain-looks-increasingly-130055544.html
Rafiu Abu
Rafiu Abu Feb 24, 2021 4:21PM ET
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next week what do expect
Tobechukwu Olumba
Tobechukwu Olumba Feb 24, 2021 4:19PM ET
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True car rose up today
Kelly Mayer
Kelly Mayer Feb 24, 2021 4:15PM ET
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Gamestock ?
Joshua Joshua
Joshua Joshua Feb 24, 2021 4:15PM ET
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