The Dow and S&P 500 are on their best win streak since August
All three major indexes kicked off the new week with record closes, as Wall Street stayed hot to start 2021. Treasury Secretary Janet Yellen’s calls for additional Covid-19 stimulus — while also adding that emergency relief could help the U.S. go back to full employment as soon as 2022 — encouraged investors today. In turn, both the S&P 500 and Dow extended their win streaks to six days, their longest since early August. The tech-heavy Nasdaq Composite, meanwhile, notched its third consecutive win, and the Russell 2000 Index (RUT) joined the party with its own six-day win streak and record close.
Elsewhere, the Cboe Market Volatility Index (VIX) snapped a five-day losing streak to hold above the 20 level, while Bitcoin skyrocketed to all-time highs after a $1.5 billion investment from Tesla (TSLA).
Continue reading for more on today’s market, including:
- See why Hasbro stock sat out the broad market rally today.
- Twitter stock nabbed a 7-year high ahead of earnings.
- Plus, Target extends win streak; Hershey’s competitive edge; and unpacking Palantir’s new partnership.
The Dow Jones Industrial Average (DJI – 31,385.76) rose 237.5 points, or 0.8% on the day. Walt Disney (DIS) led the Dow components with a 4.9% rise, while Nike (NKE) paced the laggards, falling 1.2%.
Meanwhile, the S&P 500 Index (SPX – 3,915.59) added 28.8 points, or 0.7% for the day. The Nasdaq Composite (IXIC -13,987.64) was up 131.4 points, or 1% for the day.
Lastly, the Cboe Volatility Index (VIX – 21.24) added 0.4 point, or 1.8% for the day.
- Over 2.3 million women left the labor force since February 2020, putting women’s labor force participation rate at 57%, or the lowest it has been in 33 years. (CNBC)
- Japanese tech giant Renesas Electronics bought U.K.-listed Apple (AAPL) supplier Dialog Semiconductor for $6 billion, in an all-cash transaction. (MarketWatch)
- A bull note kept Target stock red–hot today.
- Hershey’s superior consumer insights gave it a competitive edge.
- Palantir stock surged on an artificial intelligence (AI) partnership.
Gold Prices Bounce Back as Debt Fears Emerge
Oil prices kicked off the week with a bang, as Brent crude closed above the $60 level for the first time in over a year. The milestone came as traders grew increasingly optimistic over the prospects of economic recovery, and remained hopeful stimulus is on the way. Also boosting the commodity was President Joe Biden, who spoke against lifting Iran sections. In response, March-dated crude added $1.12 cents, or 2%, to settle at $57.97 per barrel.
Gold prices were also higher, scoring a second-straight win as they bounced back from two-month lows. Worse-than-expected U.S. nonfarm payroll data, and the possibility of further stimulus creating more debt and weakening the U.S. dollar, helped the security higher. In turn, April-dated gold added $21.20, or 1.2%, to settle at $1,834.20 an ounce.