Stocks rallied Monday as investors bought across the board.
The
rose 186.14 points, or 0.54%, to close at 34,393.98. The
gained 41.19 points, or 0.99%, to end at 4,197.05, and the
soared 190.18 points, or 1.41%, to close at 13,661.17. The biggest gainer on the S&P 500 was
(ticker: MGM), which saw shares gain 5.2%.
Optimism defined the day. All three major indexes soared, and the gains were broad within them, as well. About 83% of S&P 500 stocks rose, while 22 of 30 Dow component stocks rose. That signifies investors bought in multiple sectors, and that the rally wasn’t concentrated in just one or two industries, indicating positive sentiment.
The S&P 500 is now only 0.6% below its all-time-high, and is clawing its way back from a sell-off earlier this month.
“I think it’s just a relief rally,” David Trainer, CEO of investment-research firm New Constructs, told Barron’s. “The last couple weeks have been pretty rough.”
Not even Bitcoin’s recent tumble put a damper on stock-market sentiment. Bitcoin fell hard Sunday, extending heavy losses from last week. Sure, Bitcoin has come back a bit since late Sunday afternoon, but it’s still about 40% below its all-time high. Bitcoin and stocks are two risky assets, and their value can suffer when investors expect bond yields to rise, a distinct possibility, as the Federal Reserve sifts through recently strong inflation data.
Stocks just caught a big bid on Monday.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
