S&P 500 ZOOMS IN BIGGEST ONE-DAY RISE SINCE JUNE

By The Financial District
Mar 2, 2021
2 min read

The S&P 500 surged on Monday (Tuesday, March 2, 2021, in Manila) in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another COVID-19 vaccine getting US approval and fiscal stimulus bolstered expectations of a swift economic recovery, Noel Randewich reported for Reuters.

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Johnson & Johnson ended up 0.5%, but off earlier highs after it began shipping its single-dose vaccine after it became the third authorized COVID-19 vaccine in the US over the weekend. US bond yields eased after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound.

The U.S. 10-year treasury yield dipped to 1.449% after hitting a one-year high of 1.614%. Data showed US manufacturing activity increased to a three-year high in February amid an acceleration in new orders. All 11 S&P 500 sectors rallied, led by financials and technology.

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Apple Inc, Microsoft Corp, Facebook Inc, and Amazon.com Inc bounced back after a selloff last week in tech stocks. Apple rose over 5% and was the strongest contributor to the S&P 500’s gains.

In extended trade, Zoom Video Communications jumped 10% following its quarterly report.

The S&P 500’s rebound from its 50-day moving average, touched after Friday’s decline, is a bullish sign that is adding to investors’ enthusiasm, said CFRA Research Chief Investment Strategist Sam Stovall. The Dow Jones Industrial Average surged 1.95% to end at 31,535.51 points, while the S&P 500 gained 2.38% to 3,901.82. The Nasdaq Composite jumped 3.01% to 13,588.83.

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The Russell 2000 index of smaller companies surged 3.37%, putting its gain in 2021 at over 15%, compared with the S&P 500’s gain of about 4% in the same period.

Boeing Co jumped 5.8% after United Airlines Holdings Inc ordered 25 new 737 MAX aircraft and moved up the delivery of others as it prepares to replace aging jets and meet expected post-pandemic growth in demand.

Warren Buffett’s enthusiasm for the future of the US and his company Berkshire Hathaway Inc has not been dimmed by the pandemic. Berkshire’s shares rallied 3.6%.

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