The S&P 500 surged on Monday (March 1) in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another COVID-19 vaccine getting U.S. approval and fiscal stimulus bolstered expectations of a swift economic recovery.
Johnson & Johnson ended up 0.5%, but off earlier highs, after it began shipping its single-dose vaccine after it became the third authorized COVID-19 vaccine in the United States over the weekend.
President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday. The bill now moves to the Senate.
U.S. bond yields eased after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The U.S. 10-year treasury yield dipped to 1.449% after hitting a one-year high of 1.614%.
Data showed U.S. manufacturing activity increased to a three-year high in February amid an acceleration in new orders.
All 11 S&P 500 sectors rallied, led by financials and technology.
Apple Inc, Microsoft Corp, Facebook Inc and Amazon.com Inc bounced back after a selloff last week in tech stocks. Apple rose over 5% and was the strongest contributor to the S&P 500’s gains.
In extended trade, Zoom Video Communications jumped 10% following its quarterly report.
The Dow Jones Industrial Average surged 1.95% to end at 31,535.51 points, while the S&P 500 gained 2.38% to 3,901.82.
(Production: Yahaira Jacquez, Roselle Chen)