Dow jumps more than 300 points on stimulus optimism, S&P 500 snaps 4-day losing streak; European stocks close higher on Covid vaccine optimism; BELEX15 ends almost flat
Stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package. The Dow Jones Industrial Average gained 337.76 points, or 1.1%, to 30,199.31. The S&P 500 advanced 1.3%, or 47.13 points, to 3,694.62, snapping a four-day losing streak. The Nasdaq Composite climbed 1.3%, or 155.02 points, to 12,595.06, reaching a new record closing high.
Apple led the Dow higher, jumping 5% after Nikkei reported the company will increase iPhone production by about 30% in the first half of 2021. All 11 S&P 500 sectors registered gains on Tuesday, led by energy and utilities.
European stocks closed higher Tuesday as optimism over coronavirus vaccines appeared to outweigh concerns over fresh shutdowns across the continent. The pan-European Stoxx 600 closed up by 0.25%, with autos climbing 3% to lead the gains.
In terms of individual share price action, German automaker Volkswagen saw its shares gain 7.6%, rising to the top of the Stoxx 600 after CEO Herbert Diess received unanimous support from the board following a power struggle with the company’s labor boss.
Switzerland’s SoftwareONE climbed 6.7% after expanding its leadership team. Umicore shares climbed 6.6% after the Belgian materials technology company upgraded its guidance.
BELEX15 was nearly flat as its daily change was at only plus 0.06%. Belgrade Airport was a single gainer among bigger names, with 1.1%, while NIS was the most active with RSD 15.6m in volume.
Source: CNBC, Ilirika