Dow gains nearly 100 points | Bank stocks suffer in hedge fund fallout | Cramer: Invest for the long haul

The stock market was sluggish on Monday as investors braced for additional fallout the forced liquidation of a hedge fund's positions that hit media stocks last week.

VIEW IN BROWSER | SUBSCRIBE MON, MAR 29, 2021 EVENING BRIEF AS OF MON, MAR 29, 2021 • 05:07 ET DJIA 33171.37 +0.30% +98.49 S&P 500 3971.09 -0.09% -3.45 NASDAQ 13059.65 -0.60% -79.08   Most Active DOW NAME LAST CHG %CHG AAPL 121.39 +0.18 +0.15% INTC 64.50 -0.37 -0.57% MSFT 235.24 -1.24 -0.52% S&P 500 NAME LAST CHG %CHG VIAC 45.01 -3.22 -6.68% AAPL 121.39 +0.18 +0.15% DISCA 41.23 -0.67 -1.60% NASDAQ NAME LAST CHG %CHG AAPL 121.39 +0.18 +0.15% BIDU 204.70 -3.91 -1.87% AMD 77.14 -0.27 -0.35%   EDITOR'S NOTE The stock market was sluggish on Monday as investors braced for additional fallout from the forced liquidation of a hedge fund's positions that hit media stocks last week.   CNBC and other outlets reported over the weekend that Archegos Capital Management, a family office run by hedge fund veteran Bill Hwang, was forced to sell large blocks of stock late last week, causing dramatic slides for several companies, including ViacomCBS and Discovery.   Both of those stocks fell again on Monday, but by more modest amounts than Friday's slide. The bigger impact during Monday's session was on banks. The U.S.-traded shares of Nomura and Credit Suisse fell sharply after they disclosed that an unnamed hedge fund's forced selling caused a significant hit to their books. That hedge fund is widely believed to be Archegos.   Other major bank stocks, including Morgan Stanley and Wells Fargo, also finished the day in the red.   Cassandra Toroian, founder of Bell Rock Capital, said on "Closing Bell" that she believes that the stocks of banks that haven't taken major hits from this trade were candidates to bounce back.   "For the rest of the group, you've got some tremendous valuations," Toroian said.   The Dow rose nearly 100 points for the day to set a record high, while the S&P 500 slipped less than 0.1% and the Nasdaq Composite fell 0.6%.     Jesse Pound | CNBC Markets Reporter @jesserpound TOP NEWS  Dow closes up nearly 100 points at new record, shrugging off fallout from margin-call rout Suez Canal traffic resumes after cargo ship Ever Given is moving again How Archegos' $20 billion move to flee certain names led to banks' share prices tumbling Cathie Wood's Ark Invest launches a space exploration ETF, to begin trading Tuesday The ship blocking the Suez Canal may be free, but experts warn the supply chain impact could last months Beware of these small-cap stocks, up more than 1,000% since the pandemic bottom, says BTIG It's time to get 'aggressive' on these stocks, Wells Fargo says Cramer: Invest for long haul to avoid going bust in short-term Archegos, GameStop-type chaos Fed's Waller says the central bank isn't keeping rates low to finance government debt Biden says 90% of U.S. adults will be eligible for Covid shots by April 19 with sites within five miles of home   TOP VIDEO We expect yields to rise, but not problematic for equity market, says JPM's Chang   CNBC PRO Goldman sees good year for return on equity, but beware these three risks   SPECIAL REPORTS Here's New York City's potential road to economic recovery after the Covid-19 pandemic These are the states that updated their 2020 tax filing deadlines   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS