Stocks scored a win to start off the week, despite pulling back earlier in the afternoon. The Dow managed a 175-point pop, and nabbed its seventh-straight gain and a new closing high, as the stocks that would benefit from an economic recovery led the way. Meanwhile, the S&P 500 and tech-heavy Nasdaq also managed to claw back into the black.
Lifting investor sentiment today was news that the Internal Revenue Service (IRS) has already started processing the $1,400 payments that are part of the $1.9 trillion stimulus package. However, that optimism was dampened when Italy joined a rising number of European countries that have suspended the use of AstraZeneca's (AZN) Covid-19 vaccine due to concerns over blood clots.
The Dow Jones Industrial Average (DJI - 32,953.46) added 174.8 points or 0.5% for the day. McDonald's (MCD) led the Dow components with a 3.8% rise, while Dow (DOW) paced the laggards, falling 2.2%.
Meanwhile, the S&P 500 Index (SPX - 3,968.94) rose 25.6 points, or 0.7% for the day. The Nasdaq Composite (IXIC - 13,459.71) jumped 139.8 points, or 1.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 20.03) fell 0.7 point or 3.2% for the day.
GOLD NEARS TWO-WEEK HIGH WHILE OIL DROPS
Oil prices pummeled on Monday, extending last week's losses as Brent Crude failed to stay above the $70 level. The negative price action came despite strong demand out of China, where economic activity has surged in January and February. In response, April-dated crude fell 22 cents, or 0.3%, to settle at $65.39 per barrel.
Meanwhile, gold prices skyrocketed to their highest level in nearly two weeks. A drop in Treasury note yields contributed to the metal's rise, though investors are still eyeing the outcome of the Federal Reserve’s monetary policy meeting this week. As a result, April-dated gold added $9.40, or 0.6%, to settle at $1,729.20 an ounce.
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