WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The Dow Jones Industrial Average soared more than 400 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.
The S&P 500 added 0.6% to 3,898.81, led by energy and financials.
Cyclical stocks, or those most sensitive to an economic rebound, led the gains, resuming the trend seen in the past few weeks. The S&P 500 energy sector jumped 2.6%, bringing its 2021 gains to more than 39%. Industrials, materials, and financials all advanced more than 1%.
The Labor Department said consumer prices increased 0.4% in February, matching expectations from economists polled by Dow Jones. The Consumer Price Index gained 1.7% on a year-over-year basis, also in line with estimates.
Plan A : Long if market supported firm above 3915. Targets are 3931, 3948 and 3963.
Plan B : Short if market failed to support above 3915. Targets are 3891, 3867 and 3839.
U.S. stocks rose on Tuesday after a decline in bond yields caused investors to rotate back into the beaten-up technology sector.
The Nasdaq Composite closed less than 0.1% lower at 13,068.83 after gaining as much as 1.6% earlier in the day. The tech-heavy benchmark enjoyed a 3.7% rally in the previous session for its best day since November.
Technology shares rebounded from steep losses as bond yields stabilized. The 10-year Treasury yield fell more than 5 basis points to 1.54%. The benchmark rate traded as high as 1.62% on Monday.
The Nasdaq shed 2.4% in the previous session to close more than 10% below its Feb.12 high and falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, making it hard to justify the stocks’ lofty valuations.
Plan A : Long if market supported firm above 12971. Targets are 13002, 13031 and 13058.
Plan B : Short if market failed to support above 12971. Targets are 12932, 12894 and 12845.
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