Tech Stocks Lead a Market Rebound Tuesday

The Dow Jones Industrial Average closed at 31,832.74 on Tuesday with a gain of 30.30 points or 0.10{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The S&P 500 closed at 3,875.44 for a gain of 54.09 points or 1.42{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The Nasdaq Composite closed at 13,073.82 for a gain of 464.66 points or 3.69{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The VIX Volatility Index was lower at 24.03 for a loss of 1.44 points or -5.65{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}.

Tuesday’s market movers

U.S. stocks rebounded with all three major indexes ending higher Tuesday, led by technology. The Nasdaq Composite reported its largest gain in five months.

The House of Representatives is expected to vote and pass the current Covid stimulus bill Wednesday morning. Bond yields also helped the day’s gains, with the 10-year and 30-year Treasury yields both falling.

In other news:

  • The NFIB Business Optimism Index increased to 95.8 from 95.0.
  • The Treasury held auctions for 42-day bills at a rate of 0.030{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} and three-year notes at a rate of 0.355{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}.

Across the board:

  • Exela Technologies (NASDAQ:XELA) up 179.39{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} on cloud deal report.
  • GameStop (NYSE:GME) up 26.94{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}.
  • Tesla (NASDAQ:TSLA) up 19.64{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} with technology rebound, electric vehicle gains and greater market share in China.
  • Peloton (NASDAQ:PTON) up 14.47{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} with expansion into Australia.
  • Pfizer (NYSE:PFE) up 0.29{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} on news its vaccine is effective against a Brazilian strain.
  • Boeing (NYSE:BA) up 2.94{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644} with report that sales outpaced cancellations in February.

Small-cap stocks

In small caps, the Russell 2000 closed at 2,245.06 for a gain of 42.07 points or 1.91{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The S&P 600 closed at 1,339.99 for a gain of 12.17 points or 0.92{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The Dow Jones U.S. Small-Cap Growth Index closed at 14,709.00 for a gain of 394.11 points or 2.75{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}. The Dow Jones U.S. Small-Cap Value Index closed at 10,952.83 for a loss of 24.27 points or -0.22{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,547.58 for a gain of 16.38 points or 0.65{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; the S&P 100 at 1,760.13 for a gain of 31.14 points or 1.80{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; the Nasdaq 100 at 12,794.49 for a gain of 495.41 points or 4.03{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; the Russell 3000 at 2,334.85 for a gain of 36.09 points or 1.57{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; the Russell 1000 at 2,187.95 for a gain of 33.27 points or 1.54{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; the Wilshire 5000 at 40,764.42 for a gain of 622.71 points or 1.55{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}; and the Dow Jones U.S. Select Dividend Index at 792.15 for a loss of 9.80 points or -1.22{2e54b6599e2852fcddcb96c51aef71201c0435684ebd8fbda55b4c693aab2644}.

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About the author:

Julie Young

Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.