March 22, 2021

March 22, 2021

U.S. stocks jumped today, led by technology shares as investors flocked back into growth names amid declining bond yields.

 

Dow Jones finished +103 at 32,731

S&P 500 finished +27 at 3,940

NASDAQ finished +162 at 13,377

 

The 10 Year Treasury closed down 5 basis points yielding 1.68%

Oil prices closed up $0.05 ending at $61.47 a barrel.

Gold prices closed down $3.00 ending at $1,738 an ounce.

 

In the days’ stock news:

 

  • JetBlue Airways closed down more than 8% underperforming other airline stocks, after it announced that it will offer $650 million in convertible senior bonds set to mature in 2026.
  • Tesla closed up more than 2% amid a decline in interest rates and after Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Ark Invest, an active manager of exchange-traded funds and a longtime Tesla fan, said it expects the stock to be worth $3,000 in 2025, up from about $690 Monday morning.

 

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