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Julie Young
Julie Young
Articles (1618) 

US Indexes Start March With Strong Gains

Nasdaq gains 3.01%

The Dow Jones Industrial Average closed at 31,535.51 on Monday with a gain of 603.14 points or 1.95%. The S&P 500 closed at 3,901.82 for a gain of 90.67 points or 2.38%. The Nasdaq Composite closed at 13,588.83 for a gain of 396.48 points or 3.01%. The VIX Volatility Index was lower at 23.35 for a loss of 4.60 points or -16.46%.

Monday's Market Movers

The major U.S. indexes posted strong gains to start the month of March. The S&P 500 reported its best gain since June 2020. Treasury yields were still on watch as the 10-year Treasury increased to 1.45% from 1.44% and the 30-year Treasury increased to 2.23% from 2.17%.

In other news:

  • Warren Buffett (Trades, Portfolio)'s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported results for the fourth quarter and full year of 2020. Net earnings were $35.835 billion in the fourth quarter of 2020 versus $29.159 billion in the fourth quarter of 2019.
  • Johnson and Johnson's (NYSE:JNJ) Covid-19 vaccine was approved for emergency use by the Food and Drug Administration. The vaccine is the first single-dose option.
  • The Markit Manufacturing PMI decreased to 58.6 in February from 59.2.
  • The ISM Manufacturing PMI increased to 60.8 in February from 58.7.
  • Construction spending increased 1.7% in January following an increase of 1.1%.
  • The Treasury held auctions for 3-month bills at a rate of 0.040% and 6-month bills at a rate of 0.060%.
  • Zoom Video Communications (NASDAQ:ZM) reported Q4 revenue of $882.5 million. Revenue for the fourth quarter increased 368.7% year over year and beat estimates by $71.54 million. Q4 GAAP EPS of $0.87 beat estiamtes by $0.39 and non-GAAP EPS of $1.22 beat estimates by $0.43. ZM gained 9.65% Monday.
  • Lemonade (NYSE:LMND) reported fourth quarter revenue of $20.5 million. Fourth quarter revenue decreased -12.8% year over year and beat estimates by $1.28 million. Q4 GAAP EPS of -$0.60 beat estimates by $0.04. LMND gained 5.28% Monday.
  • Apple (NASDAQ:AAPL) gained 5.39% with plans to reopen all U.S. retail stores.
  • The S&P 500 energy sector gained 2.6% as more energy activity restarted in Texas. Oil prices ended lower Monday and OPEC will be meeting on production levels this week.
  • iShares PHLX Semiconductor ETF (NASDAQ:SOXX) gained 3.19%

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 2,275.32 for a gain of 74.27 points or 3.37%. The S&P 600 closed at 1,317.58 for a gain of 39.02 points or 3.05%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,414.72 for a gain of 487.36 points or 3.26%. The Dow Jones U.S. Small-Cap Value Index closed at 10,593.26 for a gain of 315.30 points or 3.07%

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,564.02 for a gain of 67.76 points or 2.71%; the S&P 100 at 1,773.40 for a gain of 41.98 points or 2.42%; the Nasdaq 100 at 13,282.95 for a gain of 373.51 points or 2.89%; the Russell 3000 at 2,360.91 for a gain of 57.69 points or 2.50%; the Russell 1000 at 2,211.99 for a gain of 52.67 points or 2.44%; the Wilshire 5000 at 41,184.98 for a gain of 990.68 points or 2.46%; and the Dow Jones US Select Dividend Index at 768.29 for a gain of 19.26 points or 2.57%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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