The Dow Jones Industrial Average soared more than 500 points to a record after falling bond yields and a new stimulus package spurred investors to snap up stocks that will benefit from a faster recovery from the pandemic.
 | WED, MAR 10, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 119.98 | -1.10 | -0.91% | | MSFT | 232.42 | -1.36 | -0.58% | | BA | 245.34 | +14.73 | +6.39% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 13.25 | -0.75 | -5.36% | | AAPL | 119.98 | -1.10 | -0.91% | | F | 12.91 | +0.34 | +2.70% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 119.98 | -1.10 | -0.91% | | TSLA | 668.06 | -5.52 | -0.82% | | AMD | 77.52 | -1.01 | -1.29% | |
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The major averages gained Wednesday after the House of Representative passed the $1.9 trillion coronavirus stimulus package that many expect will add juice to the already-recovering economy. The Dow Jones Industrial Average rose more than 450 points, fueled by stocks that hinge on a successful comeback from the pandemic. The S&P 500 gained 0.6%, boosted by energy and bank names. The Nasdaq Composite was the relative underperformer, closing 0.05% lower. The small-cap benchmark Russell 2000, which contains stocks most sensitive to an economic recovery, popped more than 1.8%.  The House will now send the bill to President Joe Biden, who is expected to sign the legislation before key unemployment programs expire Sunday. The new fiscal aid will include $1,400 checks for millions of Americans. "With additional fiscal stimulus and the Fed staying accommodative, there's a perfect combination," said Jimmy Chang, chief investment officer at the Rockefeller Global Family Office. "We expect value for the next few quarters to outperform growth and higher yields make will make it harder to justify valuations." Stocks rallied also in part because bond yields fell. The yield on the U.S. 10-year Treasury dipped 2 basis points to 1.52% after inflation data came in tame for February, and the $38 billion bond auction showed enough demand to stave off the fears of investors worried about a possible slump in demand for the government's debt and a recent rapid increase in rates. |
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