The Dow Jones Industrial Average climbed on Monday as investors piled into economic comeback plays after Senate approval of a new Covid stimulus package, while a continuous sell-off in high-flying tech shares put pressure on the broader market.
The blue-chip benchmark gained 306.14 points, or 1%, to 31,802.44 led by Disney. At its session high, the 30-stock average jumped 650 points to hit an intraday record high. The S&P 500 erased a 1% gain to close 0.5% lower at 3,821.35. The Nasdaq Composite slid 2.4% in volatile trading to 12,609.16 as Apple dropped 4.2% and Tesla fell 5.8%. Alphabet and Netflix both slipped more than 4%.
The tech-heavy benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory.
Hmm ... Koala/Panda now got chance to smile back at Lion No King in the Zoo???
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Lol, I shot my bullets too early. 😂
ReplyDeleteUS economy is strong though. Banking, industrials, materials, energy sectors all going up strongly in the last 1-2 months. Yeah, all the old school economy lol.
Dow Theory is firing on all cylinders (old school reference again). Both Dow Industrials & Dow Transports are in strong uptrends & making all-time highs.
Don't be surprise to see monthly 1+ million employment figures over the next 6 months.
The Nasdaq gained 3.7% for its best day since November. The move marked a stark reversal after the index sank into a correction by the close of Monday's session, plunging a total of more than 10% from a recent record closing high. Shares of Tesla (TSLA) jumped nearly 20% paring much of its year-to-date loss after dropping over the past couple weeks. Apple (AAPL) shares also rebounded since hitting the lowest level since November earlier this week. The Dow, meanwhile, added to gains after rallying to an all-time intraday high on Monday.
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