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U.S. and global stocks staged a convincing rally to close Tuesday with substantial gains, particularly the Nasdaq Composite, which closed 464.66 points higher.
While the tech sector has been seeing strong stock rotation during the past few weeks, several of these stocks are a stone’s throw from their record highs.
Some of the movers include Amazon (AMZN), which closed at $3,060, up $108.05; Tesla (TSLA) closed at $669.53, up $106.53; PayPal (PYPL) closed at $241.50, up $15.41; and Apple (AAPL) closed at $121.04, up $4.58.
We must mention that between Apple and Amazon, they have $3.572 trillion in market capitalization, thanks to a 4% rise Tuesday—Apple has $2.031 trillion and Amazon $1.541 trillion.
We note that most investors’ mindset is focusing on three items: the massive vaccine rollouts; continued economic growth, which today received a boost from Goldman Sachs when it forecast an unemployment rate of 4.1% by the end of 2021; and the $1.9 trillion stimulus “bazooka.”
Wall Street summary for March 9, 2021:
- The Dow Jones Industrial Average closed at 31,832.74, up 30.30 points, or 0.1%.
- The Standard & Poor’s 500 closed at 3,875.44, up 54.09 points, or 1.42%.
- The Nasdaq Composite Index closed at 13,073.82, up 464.66 points, or 3.51%.
- The Birling Capital Puerto Rico Stock Index closed at 2,433.24, up 82.49 points, or 3.51%.
- The U.S. Treasury 10-year note closed at 1.55%
- The U.S. Treasury 2-year note closed at 0.17%.