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S&P 500 set for best day in nine months on vaccine, stimulus cheer

Stock MarketsMar 01, 2021 12:00PM ET
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2/2 © Reuters. The Fearless Girl statue is seen outside the NYSE is seen in New York 2/2

By Medha Singh and Shashank Nayar

(Reuters) - The S&P 500 on Monday was headed for its best day since June 5 as bond markets calmed after a month-long selloff, while encouraging updates on COVID-19 vaccines and fiscal stimulus bolstered bets over a swift economic recovery.

The Dow was on pace for its best daily gain in nearly four months, while the Nasdaq was set for its best daily percentage gain in a month.

Johnson & Johnson (NYSE:JNJ) rose 1.8% as it began shipping its single-dose vaccine after it became the third authorized COVID-19 vaccine in the United States over the weekend.

President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday. The bill now moves to the Senate.

U.S. bond yields eased on Monday after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The U.S. 10-year treasury yield eased to 1.419% after hitting a one-year high of 1.614%.

"The sentiment is risk on with more investors showing interest towards cyclical stocks while a positive vaccination drive and better macro numbers are hinting towards a better growth environment," said Keith Buchanan, portfolio manager at GLOBALT in Atlanta.

Latest data showed U.S. manufacturing activity increased to a three-year high in February amid an acceleration in new orders.

All major S&P sectors were higher with those that stand to benefit more from an economic rebound outperforming. Financials, energy, industrials and materials gained between 2.6% and 3%.

Wall Street's main indexes ended lower last week, with the Nasdaq suffering its worst week in four months, as a rise in long-dormant yields signaled bonds are more serious investment competition, sparking a pullback in high-valuation tech stocks.

Apple (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB) and Amazon.com Inc (NASDAQ:AMZN) rebounded between 1% and 3.9% on Monday.

At 11:25 a.m. ET, the Dow Jones Industrial Average rose 685.37 points, or 2.22%, to 31,617.74, the S&P 500 gained 86.63 points, or 2.27%, to 3,897.78 and the Nasdaq Composite gained 318.06 points, or 2.41%, to 13,510.41.

Shares of cruise liner and carriers including Carnival (NYSE:CUK) Corp, Delta Air Lines Inc (NYSE:DAL) and American Airlines (NASDAQ:AAL) gained between 1.9% and 4.4%.

Boeing (NYSE:BA) Co jumped 5.9% as United Airlines Holdings (NASDAQ:UAL) Inc ordered 25 new 737 MAX aircraft and moved up the delivery of others as it prepares to replace aging jets and meet expected post-pandemic growth in demand.

Warren Buffett's enthusiasm for the future of America and his company Berkshire Hathaway (NYSE:BRKa) Inc has not been dimmed by the coronavirus pandemic, according to his annual letter to investors. Berkshire's shares rose 2.3%.

Perrigo Co (NYSE:PRGO) Plc jumped about 7% as the consumer healthcare products company said it would sell its underperforming generic drugs business for $1.55 billion.

Advancing issues outnumbered decliners by a 5.8-to-1 ratio on the NYSE and by a 5.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 38 new 52-week highs and no new low, while the Nasdaq recorded 172 new highs and 45 new lows.

S&P 500 set for best day in nine months on vaccine, stimulus cheer
 

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Comments (21)
Javier Vargas
Javier Vargas Mar 01, 2021 1:41PM ET
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insiders selling. good luck
Darryl Allen
Darryl Allen Mar 01, 2021 1:28PM ET
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Weeee more stock market inflation weeee
Ramasamy Palaniyandi
Ramasamy Palaniyandi Mar 01, 2021 1:05PM ET
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we could also see month end likethis up movement
Casador Del Oso
Casador Del Oso Mar 01, 2021 12:46PM ET
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It looks like there's a brand new fundamental: cheer.
Ramasamy Palaniyandi
Ramasamy Palaniyandi Mar 01, 2021 12:46PM ET
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o beard
Mitchel Pioneer
Mitchel Pioneer Mar 01, 2021 12:45PM ET
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Another miraculous lack of volatility.  Every loss is faced with predictable, intraday gyrations, while nearly every "rally" walks a tightrope.  Welcome to the US Ponzi Scheme, greatest investment fraud in history, and laughingstock of the financial world.
Jacob Steinschlag
Jacob Steinschlag Mar 01, 2021 12:45PM ET
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If today and any other day during the last week wasn't volatile then what is?
Paul Richard
Paul Richard Mar 01, 2021 12:36PM ET
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what happened to all those bears from last week? crying in corner
Jim Jones
Jim Jones Mar 01, 2021 12:29PM ET
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It's a catch 22. You buy they cut back on handouts you lose. You don't buy they never stop handing out trillions of fake money. Lose lose.
Bruno Silva
Bruno Silva Mar 01, 2021 12:29PM ET
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If stay out of this and save your money on smart passive income generation then it's win-win. They never take your money away, you never lose. Some countries still pay high yield bonds.
Ali Scander
Ali Scander Mar 01, 2021 12:14PM ET
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Makes zero sense.
Bruno Silva
Bruno Silva Mar 01, 2021 12:06PM ET
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Bull trap for retail investors.
Tarang Shah
Tarang Shah Mar 01, 2021 11:55AM ET
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writer Medha singh is back and so is headline of stimulus 'hope' haha btw yes, there was a news last weekend for a change!
Benoit Avril
Benoit Avril Mar 01, 2021 11:49AM ET
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They also might be happy to not have to pay $15 per hour for jobs.
Dave Jones
Dave Jones Mar 01, 2021 11:45AM ET
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LMAO! Optimism means higher rates don't you get that?
Amine Fourali
Amine Fourali Mar 01, 2021 11:42AM ET
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It’s like J&J is the first vaccine in the market..this is becoming ridiculous
Steve Lora
Steve Lora Mar 01, 2021 11:09AM ET
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When do progressives make their move to get rid of old creepy jo
Oliver Brecht
Oliver Brecht Mar 01, 2021 9:49AM ET
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simple question, who is buying?
Happy Dog
Joe1 Mar 01, 2021 9:49AM ET
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Retirement accounts
Happy Dog
Joe1 Mar 01, 2021 9:49AM ET
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And retail traders. Ive burned enough money to know not to f with until trends actually turns down.
Steve Lora
Steve Lora Mar 01, 2021 9:49AM ET
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Fidelity & Vanguard Funds, probably
Amine Fourali
Amine Fourali Mar 01, 2021 9:49AM ET
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FED and DJ Powell
Patrecia Sapulette
Patrecia Sapulette Mar 01, 2021 9:49AM ET
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straight to the comments!!!
Mitchel Pioneer
Mitchel Pioneer Mar 01, 2021 9:40AM ET
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The criminal, financial defiling of America resumes in earnest.
Casador Del Oso
Casador Del Oso Mar 01, 2021 9:27AM ET
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I almost forgot about the new market fundamentals: hopes and optimism.
jamal jamal
jamal jamal Mar 01, 2021 9:07AM ET
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buy the dips, cheer the vaccine! Up we go again
MeowTester Graham
MeowTester Graham Mar 01, 2021 7:04AM ET
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whoopa
 
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