Dow Biggest Gain in Over a Year and Other Goodies

In today’s post market wrap the trading room discussed the power move from the Dow through charts and crowd behavior. Listen to how how the day unfolded and what the chart were telling us. Our traders discuss what to expect and watch for overnight from RBA to Trade and Unit costs tomorrow.

  • Enjoy live commentary from Our Trading Room at youtube as the day wraps up – feel free to like and share

For the Dow, it was the largest daily point gain since Nov. 9, 2020, and biggest percentage gain since March 1, 2021.

After last week’s swoon when the Dow fell 0.9%, the S&P 500 declined 1.2%, and the Nasdaq Composite dropped 2.6% we saw a sharp reversal catching many by surprise. Also last week, the Russell 2000 fell into a correction, commonly defined as a drop of at least 10% from a recent peak. Today the Dow Jones Industrial Average soared 646.95 points, or 1.9%, at 35,227.03. The index was, powered by strong point gains in UnitedHealth Group IncGoldman Sachs Group Inc. Home Depot Inc. and Boeing Co.

In other markets:

The S&P 500 closed higher by 53.24 points, or 1.2%, at 4,591.67, marking its highest close in a week.

The Nasdaq Composite Index finished up by 139.68 points, or 0.9%, at 15,225.15 after touching an intraday nadir at 14,931.61. It’s the largest one-day point and percentage gain since Nov. 29.

The small-capitalization Russell 2000 index closed higher by 44.17 points, or 2.1%, at 2,203.48. Last week, the Russell 2000 fell into a correction, commonly defined as a drop of at least 10% from a recent peak.

High-growth tech stocks had a tougher day with investors, perhaps preparing for a speedier-than-expected tapering of the central bank’s bond-buying program, continued to sell off.

Any questions please feel free to ask them below. Trade Smart!