Dow Claws Back To Seven-Straight As Stimulus Checks Roll Out

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 - 3,968.94rose 25.6 points, or 0.7% for the day. The Nasdaq Composite (IXIC - 13,459.71jumped 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.

Closing Summary 0315

nyse nasdaq 0315

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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. 

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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William K. 3 weeks ago Member's comment

I should HOPE that oil would drop!! Gouging everybody else is just not good. And how else can it betaken when gas prices jump up a whole dollar per gallon in two weeks?? Of course gold will be doing well because it is the way to avoid inflation damage. Risks may still deliver profits but they might not. Thus they are risky.