Day Traders Diary
After a one day sell off, the major averages rebounded today putting the S&P 500 just below its all-time high set in February. The Dow Jones Industrial Average jumped 289 points, or 1.1%. The S&P 500 gained 1.4%, its biggest one-day jump since July 6, to closing at 3,380 just 6 points shy of all-time highs. The Nasdaq Composite outperformed, rallying 2.1% to 11,012 led by techs once again.
Facebook, Amazon and Netflix were all up at least 1.5% while Alphabet advanced 1.8%. Microsoft and Apple gained more than 2.8% each. Tesla jumped 13% after announcing a 5 for 1 stock split.
Traders seemed to shrug off uncertainty over a second coronavirus stimulus bill. On Wednesday, House Speaker Nancy Pelosi said both sides were still "miles apart" on relief negotiations.
Treasury Secretary Steven Mnuchin said Monday the White House is open to resuming coronavirus aid talks with Democrats and putting more relief money on the table to reach a compromise. Those comments came after President Donald Trump signed over the weekend four executive orders to extend some coronavirus aid.
In vaccine news, Moderna rose modestly after reaching a $1.525 billion deal with the U.S. government to manufacture and deliver 100 million doses of its COVID-19 vaccine.
U.S. Treasuries finished little changed in a quiet session. The 2-yr yield was unchanged at 0.16%, and the 10-yr yield increased one basis point to 0.67%. The U.S. Dollar Index decreased 0.2% to 93.44. WTI crude rose 2.3%, or $0.94, to $42.60/bbl.
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