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Dow Racks Up Triple-Digit Gains as Bulls Raise Bets on Financials, Tech

Stock Markets Mar 01, 2021 04:10PM ET
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By Yasin Ebrahim

Investing.com – The Dow made a roaring start to the new month Monday, as financials and tech stocks racked up gains after the U.S. bond yield spike that rattled markets eased and positive vaccine news stoked hopes for a more solid recovery.  

The Dow Jones Industrial Average rose 1.9%, or 603 points. The S&P 500 was up 2.4% and the Nasdaq Composite jumped 3.0%. 

Johnson & Johnson (NYSE:JNJ)'s COVID-19 vaccine received approval from the Food and Drug Administration over the weekend, with about 20 million doses expected to be rolled out this month and 100 million by June. The approval provided a boost to the pace of vaccinations across the U.S., stoking expectations for a stronger reopening just as progress continues to be made on the $1.9 trillion stimulus bill.

The $1.9 trillion fiscal package, which includes $1,400 stimulus checks, was passed by the House of Representatives over the weekend. It is destined for a vote in the Senate. The package "will most likely be passed along party lines ... and includes funding for vaccines and medical supplies, an extension of unemployment benefits, a round of $1,400 stimulus checks to individuals, and financial aid to small businesses and state and local governments," Stifel said in a note.

The vaccine optimism and hopes over further stimulus being rolled out sooner rather later triggered a rally in financials with airlines also garnering investor attention.

Financials were also in favor, with Goldman Sachs Group (NYSE:GS), Bank of America (NYSE:BAC) up more than 3%, while Citigroup (NYSE:C) rallied 6% as Jane Fraser took up the reins on Monday.

Wells Fargo (NYSE:WFC) said Citi assets are more valuable as a sum of parts rather than a whole, as there is "significant hidden value and trapped capital," in the business.

United Airlines (NASDAQ:UAL)  and American Airlines (NASDAQ:NASDAQ:AAL) ending up more than 1%. Boeing (NYSE:BA) rose 6% after United Airlines said it would buy 25 additional Boeing 737 Max planes and take delivery of other orders earlier than previously planned.

Tech, meanwhile, found its footing after a recent wobble as sharp uptick in U.S. bond yields that led to the recent rout in tech steadied.

Apple (NASDAQ:AAPL) led big tech higher, while jump in semiconductor stocks also added gains to the sector. Apple said all its stores have been reopened in the U.S. for the first time since lockdowns began last year.  

Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL)  traded higher on the day.

In other news, stay-at-home stocks also rebounded, with Zoom Video Communications (NASDAQ:ZM) up about 10%. Peloton Interactive (NASDAQ:PTON) and DocuSign  (NASDAQ:DOCU) were up sharply. 

Dow Racks Up Triple-Digit Gains as Bulls Raise Bets on Financials, Tech
 

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Comments (9)
Stephen Be
Stephen Be Mar 02, 2021 7:54AM ET
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SO, the LAST Stimlus was HALF of what America needed, but just enough to make the defeated, failed Trump regime look good for the SEDITION, INSURRECTION and TREASON of the entire GOP on Jan 6th. This will be the LAST STIMULUS and a completely artificial economy (5 trillion in bailouts for 6.36T net worth of the entire stock market??????) The next crash will have NO MERCY on all those still believe in Republican CAPITALISM. Expect the GREAT AIL to happen when The TRUMP PLAGUE morphs for the 7th time and decimates America like the BLACK DEATH. Right before the 4th of July. You know, the National Holiday TRUMP initiated.....
AIM Investor Journal
AIM_IJ Mar 02, 2021 7:54AM ET
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Cretin.
perplexed76 .
perplexed76 . Mar 01, 2021 11:45PM ET
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so the biggest beneficiaries from stimulus is... banksters, who doubt
Devin Wascher
Devin Wascher Mar 01, 2021 10:51PM ET
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I think most people knew this past dip was just profit taking to a harsh degree. Whomever bought mid last week should be pretty happy
Viking Fire
Viking Fire Mar 01, 2021 7:56PM ET
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Looking forward to an opened world, where people can breath again, and see each others smiles.
jason white
jason white Mar 01, 2021 7:09PM ET
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no mention of the massive amount of pork to be included in the bill...
Mitchel Pioneer
Mitchel Pioneer Mar 01, 2021 6:41PM ET
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The most egregious day of fraud in 9 months.  Buckle up America, the criminal manipulation has gone into hyperdrive.
Gus McCrae
Gus McCrae Mar 01, 2021 5:48PM ET
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it's very easy for Dow to rack up triple digit gains. a 0.3/0.4% gain is already 100 points
Jimmy Rebello
Jimmy Rebello Mar 01, 2021 4:14PM ET
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crude goes down and sunrise for indices
Michael Garrett
Michael Garrett Mar 01, 2021 4:13PM ET
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powell is a GOD
 
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