Mar. 1, 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, March 1, 2021).
What a day in the stock market! All indexes closed positive today, with the S&P 500 up 2.38%, the Dow Jones up 1.95% and the Nasdaq up 3.01%.
Why did the stock market move today?
Stocks, in particular those from the tech-sector, suffered a sell-off last week after the rise in treasury yields. Today’s market performance, with the S&P 500 having its best trading day since June, most likely represents a bounce back after the recent panic.
On Saturday the U.S. House of Representatives passed the long-discussed $ 1.9 trillion relief plan. Although the plan still needs to be approved by the U.S. Senate, this news also might have contributed to the optimism seen today in the stock market.
Stock of the day
After reporting earnings per share of $1.22 that beat the 79 cents expected and revenue of $882.5 million beating the $811.8 million expected, shares in Zoom (NASDAQ: ZM) jumped more than 8% in after hours, after closing the day up 9.65%.
That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!