Feb. 22, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Monday, February 22, 2021).
Both the S&P 500 and the Nasdaq closed negative, down respectively 0.77% and 2.46% today. The Dow Jones closed up 0.087% instead and reached a new all-time high.
Why did the stock market move today?
With treasury yields jumping sensibly in the last days and vaccine getting widely distributed, many investors sold their shares in companies from the tech sector, considered to be both stay-at-home trades and overvalued stocks.
Stock of the day
Following the news that Goodyear Tire & Rubber Co. agreed to buy Cooper Tire & Rubber Co. for $2.8 billion in cash and stock, shares in Goodyear (NASDAQ: GT) jumped 21% today. The deal will combine the two biggest tire manufacturers based in the U.S..
That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!