Traders work on floor during the opening bell for the Dow Industrial Average at New York Stock Exchange, March 18, 2020 in New York. Bryan R. Smith/AFP/Getty Images
US stocks closed higher, with the S&P 500 (and Nasdaq) closing at record highs.
Apple shares rose 3.2% to reach an all-time high. Amazon, Facebook and Tesla gained more than 2%.
There is a new list of meme stocks.
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The US stocks closed higher, with record highs for the S&P 500 (Nadaq) and Nasdaq (S&P 500). The Dow finished in the red after a slight pullback. Apple shares rose 3.2% to reach an all-time high. Amazon, Facebook and Tesla all gained more than 2%.
Ryan Detrick (chief market strategist at LPL Financial) stated that the S&P 500 has increased by approximately 20% over the past year, without any 5% pullback. So far, the benchmark index has reached 53 new all time highs. Detrick stated that only two years, 1964 and 1995, saw more than 50 new highs prior to August.
Here are the US indexes at 4:00 p.m. ET closes Monday
Jerome Powell, Fed chair, reiterated Friday that the central bank could taper asset purchases in 2021. However, it will not likely raise interest rates until at most 2023 as it monitors the progress of economic recovery from the pandemic.
According to Wedbush analyst Dan Ives, the tech rally that is in full view today still has plenty of room for growth. According to the analyst, tech stocks will rise another 7%-10% if there is more expansion and solid fundamentals. A rotation of Chinese stocks in the face of ongoing regulatory concerns will also create a "nirvana" environment for FAANG names.
There is a new list of meme stocks. Vinco Ventures and Support.com extended their three-day rally to more than 100% Monday.
Robinhood plunged 7% following statements by Gary Gensler, chairman of the SEC, that Barron's ban on payment for order flow was "on the table".
After the partnership between Amazon and Affirm, Affirm saw a 43% increase in trading early in the morning. Amazon customers can now split $50 purchases into monthly payments.
John Paulson, the legendary investor who bet against 2008's housing market made him a billionaire. He said that cryptocurrencies were in a bubble, and would eventually become worthless.
West Texas Intermediate crude rose 0.38% to $69. Brent crude oil, the international benchmark for oil, rose 0.7% to $73.26 per bar.
Gold dropped 0.35% to $1813.10 an ounce.
