S&P 500 Just Had Its Best Day Since June

Stocks rose across the board Monday
By Newser Editors and Wire Services
Posted Mar 1, 2021 3:37 PM CST
S&P 500 Just Had Its Best Day Since June
In this photo provided by the New York Stock Exchange, specialist Dilip Patel, center, works with traders on the floor, Monday, March 1, 2021.   (Courtney Crow/New York Stock Exchange via AP)

Stocks rallied on Wall Street Monday, pushing the S&P 500 to its biggest gain in nine months. The 2.4% jump in the benchmark index followed back-to-back weekly losses and came as investors were relieved to see long-term interest rates easing lower in the bond market. Higher interest rates can slow down economic growth and discourage borrowing. The yield on the 10-year Treasury fell to 1.43% after reaching its highest level in more than a year last week. Technology stocks and smaller companies led the way higher. The S&P 500 rose 90.67 points to 3,901.82. The Dow Jones Industrial Average rose 603.14 points, of 1.95%, to 31,535.51, and the Nasdaq jumped 396.48 points, or 3.01%, to 13,588,83

Smaller company stocks continued to outgain the broader market, a sign that investors are feeling more confident about the economy's prospects for growth, the AP reports. The Russell 2000 index was up 3.37%. Johnson & Johnson rose 0.7% after the Food and Drug Administration gave approval for the company's own coronavirus vaccine, one that does not require extensive refrigeration like the ones made by Moderna and Pfizer. Technology and financial companies made some of the biggest gains. Apple surged 5% and Citigroup rose 6.1%. Companies that rely on consumer spending also fared well. Etsy jumped 11.6% and cosmetics retailer Ulta Beauty gained 5.1%. Investors will get several big economic reports this week, including February's jobs report on Friday.

(More stock market stories.)

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