The Dow Jones Industrial Average closed at 32,731.20 on Monday with a gain of 103.23 points or 0.32%. The S&P 500 closed at 3,940.59 for a gain of 27.49 points or 0.70%. The Nasdaq Composite closed at 13,377.54 for a gain of 162.31 points or 1.23%. The VIX Volatility Index was lower at 18.88 for a loss of 2.07 points or -9.88%.
Monday's market movers
U.S. stocks gained Monday and the major indexes closed higher. Investors were interested in higher risk options as bond and Treasury yields decreased. Technology showed the greatest gains, led by semiconductors and biotech.
Federal Reserve Chair Jerome Powell compared crypto to gold and dollar investments, while speaking at a central bank innovation event held by the Bank for International Settlements. Powell is also scheduled for two days of hearings before Congress beginning tomorrow to discuss economic policy in response to the Covid crisis.
In other news Monday:
- The Chicago Fed National Activity Index decreased to -1.09 in February from 0.75.
- Existing home sales decreased 6.6% in February to a seasonally adjusted annual rate of 6.22 million.
- The Treasury held auctions for three-month bills at a rate of 0.015% and six-month bills at a rate of 0.040%.
Across the board:
- Tesla (TSLA, Financial) rose 2.31% on news of a $3,000 price target estimate and a report that vehicles in China won't share data with the U.S.
- Kansas City Southern (KSU, Financial) gained 11.12% with news of an acquisition by Canadian Pacific Railway (CP, Financial). The combination will seek to create the first rail network connecting Canada, the U.S. and Mexico.
- AstraZeneca (AZN, Financial) was up 4.04% with news that the company's Covid vaccine is 79% effective.
- Volkswagen (VWAGY, Financial) up 12.56% on rising electric vehicle premium.
- Support.com (SPRT, Financial) up 231.78%.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,266.84 for a loss of 20.70 points or -0.91%. The S&P 600 closed at 1,335.82 for a loss of 19.27 points or -1.42%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,990.58 for a loss of 14.37 points or -0.10%. The Dow Jones U.S. Small-Cap Value Index closed at 10,982.25 for a loss of 197.05 points or -1.76%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,598.77 for a loss of 15.38 points or -0.59%; the S&P 100 at 1,788.06 for a gain of 16.19 points or 0.91%; the Nasdaq 100 at 13,086.52 for a gain of 219.53 points or 1.71%; the Russell 3000 at 2,373.42 for a gain of 13.07 points or 0.55%; the Russell 1000 at 2,225.27 for a gain of 14.75 points or 0.67%; the Wilshire 5000 at 41,445.62 for a gain of 232.29 points or 0.56%; and the Dow Jones U.S. Select Dividend Index 806.38 for a loss of 3.98 points or -0.49%.
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