Mar 22, 2021 AT 08:39PM
US stocks closed higher led by tech shares as treasury yields retreated from the highest levels and slid back below 1.70%. The tech-heavy Nasdaq gained 1.2% to 13,377 and the S&P 500 rose 0.7% to 3,940 breaking a two-day losing streak while the Dow climbed 100 points to 32,731. Apple, Microsoft, and Netflix all gained at least 2%, while Amazon and Facebook climbed more than 1% each and Tesla closed higher by 3.5% post Cathie Wood’s Ark massive price f/cast. Big tech was aggressively bid from the second the cash market opened while the small caps were slammed with Nasdaq had its best day vs Small Caps since the vaccine headlines in early November. Sector wise - Banks, Airlines all plummeted vs Tech outperformed. Elsewhere, Turkey was the focus today with Lira plunging by almost 10% after Erdogan fired yet another central bank head over the w/e . The dollar retraced its losses from the FOMC last week, then dumped and close <$1140. The US 10YR yields fell back <1.70% again with the bond market remains in focus this week amid a slew of Treasury auction and Fed speakers along with Fed chair Jerome Powell and Treasury Secretary Janet Yellen are expected to make their first joint appearance on Tuesday.
