On Jan 14, President elect Joe Biden proposed a new $1.9 trillion coronavirus-aid package called “American Rescue Plan”. The House of Representatives, where the Democrats hold the majority, is likely to pass the bill on Mar 9 and send it to Biden for his signature before a Mar 14 deadline to renew unemployment aid programs. On Mar 4, the Senate passed a revised $1.9 trillion coronavirus relief package proposed by President Joe Biden in mid-January. Expectations of a Fresh Large Fiscal Stimulus On Nasdaq, a 1.03-to-1 ratio favored declining issues. Advancers outnumbered decliners on the NYSE by a 1.39-to-1 ratio. A total of 14.03 billion shares were traded on Monday, lower than the last 20-session average of 15 billion.
The fear-gauge CBOE Volatility Index (VIX) was up 3.3% to 25.47. Notably, eight out of eleven sectors of the benchmark index closed in the green while three in red. The Utilities Select Sector SPDR (XLU), the Materials Select Sector SPDR (XLB) and the Financials Select sector SPDR (XLF) gained 1.4%, 1.3% and 1.3%, respectively, while the Technology Select Sector SPDR (XLK) tanked 2.4%. In the intraday trading, the broad-market index rose 1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. ( NFLX Quick Quote NFLX - Free Report) plummeted 4.2%, 4.3% and 4.5%, respectively. ( GOOGL Quick Quote GOOGL - Free Report) and Netflix Inc. ( AAPL Quick Quote AAPL - Free Report), Alphabet Inc. The teach-heavy index entered in correction territory after finishing more than 10% below its recent closing high of 14,095.47 recorded on Feb 12. The Nasdaq Composite finished at 12,609.16, tumbling 2.4% or 310.99 points due to sharp decline in large-cap tech stocks. Notably, 25 components of the 30-stock index ended in the green while 5 in red and. The index touched above 32,000 level for the first time since Feb 24.
The blue-chip index surged more than 650 points at intraday high and touched a fresh all-time high at 32,148.04. The Dow Jones Industrial Average (DJI) rallied 1% or 306.14 points to close at 31,802.44. sovereign bonds forced the Nasdaq Composite to finish in correction territory. The Dow ended sharply higher as market participants expect the new $1.9 trillion fiscal stimulus to be introduced by next week.
Wall Street closed mixed on Monday buoyed by two forces of different directions.
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