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Markets ended mostly lower on Monday, with bank stocks tumbling on concerns of potential losses from a hedge fund after it was compelled to sell huge holdings in stocks. The S&P 500 and Nasdaq finished in the red, while the Dow ended the day on a new record high.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.3% or 98.49 points to finish at 33,171.37. The blue-chip index at one point was down 160 points but managed to erase the session’s losses.
The S&P 500 slipped 0.1% or 3.45 points to close at 3,971.09 points after declining as much as 0.8% earlier in the day. Energy and financials sectors were the biggest losers. Financials Select Sector SPDR (XLF) and the Energy Select Sector SPDR (XLE) declined 0.9% and 1.2%, respectively. Six of the 11 sectors of the benchmark index closed in the red.
The tech-heavy Nasdaq fell 0.6% or 79.08 points to close at 13,059.65 points.
Bank Stocks Take a Beating
Bank stocks came under pressure on Monday, with Nomura Holdings, Inc. (NMR - Free Report) and Credit Suisse Group AG losing billions of dollars on reports that hedge fund, named by sources as Archegos Capital, sold over $30 billion in holdings to margin calls.
Discovery Inc , ViacomCBS Inc. , all linked to Archegos, tumbled, extending their losses from last week. The report took a toll on almost all major U.S. banks, including the regional ones.
Vaccination Progress Lifts Sentiments
The massive vaccination that has been undertaken by the government and hopes of a speedy economic recovery somewhat, which helped markets close at record highs, somewhat help pair the losses on Monday’s session. On Monday, President Joe Biden said that by April 19, more than 90% of the Americans will be eligible for vaccines, while the rest will become eligible by May 1.
No Economic data was released on Monday.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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Stock Market News for Mar 30, 2021
Markets ended mostly lower on Monday, with bank stocks tumbling on concerns of potential losses from a hedge fund after it was compelled to sell huge holdings in stocks. The S&P 500 and Nasdaq finished in the red, while the Dow ended the day on a new record high.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 0.3% or 98.49 points to finish at 33,171.37. The blue-chip index at one point was down 160 points but managed to erase the session’s losses.
Shares of Morgan Stanley (MS - Free Report) declined 2.6%, while JPMorgan Chase & Co. (JPM - Free Report) lost 1.6%. Morgan Stanley has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 slipped 0.1% or 3.45 points to close at 3,971.09 points after declining as much as 0.8% earlier in the day. Energy and financials sectors were the biggest losers. Financials Select Sector SPDR (XLF) and the Energy Select Sector SPDR (XLE) declined 0.9% and 1.2%, respectively. Six of the 11 sectors of the benchmark index closed in the red.
The tech-heavy Nasdaq fell 0.6% or 79.08 points to close at 13,059.65 points.
Bank Stocks Take a Beating
Bank stocks came under pressure on Monday, with Nomura Holdings, Inc. (NMR - Free Report) and Credit Suisse Group AG losing billions of dollars on reports that hedge fund, named by sources as Archegos Capital, sold over $30 billion in holdings to margin calls.
Discovery Inc , ViacomCBS Inc. , all linked to Archegos, tumbled, extending their losses from last week. The report took a toll on almost all major U.S. banks, including the regional ones.
Vaccination Progress Lifts Sentiments
The massive vaccination that has been undertaken by the government and hopes of a speedy economic recovery somewhat, which helped markets close at record highs, somewhat help pair the losses on Monday’s session. On Monday, President Joe Biden said that by April 19, more than 90% of the Americans will be eligible for vaccines, while the rest will become eligible by May 1.
No Economic data was released on Monday.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>