Dow +485.60 at 43006.28, Nasdaq +267.57 at 18552.73, S&P +64.37 at 5842.52
The stock market logged gains across the board. The S&P 500 jumped 1.1%, the Dow registered a 1.1% gain, and the Nazzy rose 1.5%.
The session started a little slow, but buying increased noticeably in the afternoon due to the following factors:
White House Press Secretary Karoline Leavitt said President Trump will grant a one-month exemption for auto tariffs going through the USMCA.
The Fed’s Beige Book for February estimated that economic activity “rose slightly” since mid-January
The S&P 500 remained above its 200-day moving average (5,728) at session lows.
Short-covering activity and buy-the-dip trading following recent declines.
Mega caps benefitted from the afternoon uptick in buying, providing an added boost to the major indices. The Vanguard Mega Cap Growth ETF (MGK), which traded down as much as 0.8% at its worst level today, closed with a 1.5% gain.
NVIDIA (NVDA 117.30, +1.31, +1.1%) and Microsoft (MSFT 401.02, +12.41, +3.2%) were some of the top performers, contributing to the gain in the technology sector (+1.4%).
Seven S&P 500 sectors registered gains greater than 1.0%, and only two closed lower today. Energy (-1.5%) was the biggest laggard, dropping with oil prices ($66.27/bbl, -2.03, -3.0%), reflecting lingering worries about growth that may impact demand.
Long, nothing. See you in the morning.
I will hop on the Discord tardig room for a bit now.