Mar 11, 2021 AT 09:49PM
The S&P and the Dow climbed to a record high led by a renewed rally in tech shares while the signing of Covid relief bill gave stocks a further boost. ARKK gained another 6% along with FAANG index which close +4% as Tesla popped 4.7%, while Apple, Fb, Alphabet and Netflix all advanced at least 3%. Chip stocks also jumped sharply with Nvidia and AMD rose by 4% while Xilinx popped 6%. Elsewhere, the dollar fell for the third consecutive day, the biggest slump since the election/vaccines in early Nov. Bonds were hammered despite ECB headlines move, amid a massive issuance (30Y and Verizon) but the selloff stalled after the 30Y auction which tailed by around 50bps with strong direct bidding. A wave of buying swept thru in ED futures after the auction, focusing on the dec 22 contract as per Bloomberg. Reflation etfs like Solar, Clean energy also ripped higher with Tan +10%, ICLN +6%. In Commods, Copper climbed above $9,000 a ton in London and oil advanced with WTI >$66 and Brent close just shy of $70 handle. Cryptos were well bid with Ether resumes back >$1800, Bitcoin surged back up near $58k.
