Wall Street posted its best rally since 1933 as investors bet on Senate's positive discussions on Tuesday leading to the passing of a $2 trillion stimulus package later on in the evening. All three major indices exploded upwards as the Dow Jones Industrial Average rallied over 11%.
Heres how the market settles on Tuesday:
S&P 500 (SPY ): +9.34% or +208.99 points to 2,446.39
Dow Jones Industrial Average (DIA ): +11.26% or +2,093.11 points to 20,685.04
Nasdaq Composite Index (QQQ ): +8.12% or +557.18 points to 7,417.86.
In Major Stock News, travel stocks--American Airlines, Carnival (CCL ), Delta Air Lines (DAL ), Expedia (EXPE ), Hilton (PK ), Marriott (MAR ), MGM Resorts (MGM ), Norwegian Cruse Line (NCLH ), Royal Caribbean (RCL ), United Airlines (UAL ) and Wynn Resorts (WYNN )--all soared upward as investors bet on the stimulus package providing aid to the battered travel industry. Shares of the oil giant Chevron (CVX ) jumped after the company announced a number of cost-cutting measures to help curb impact due to the falling price of oil. Zoom Video (ZM ) fell from its historic run Tuesday after more than doubling its share value since the beginning of 2020.
In Stock Sector News, almost every sector rebounded upward as investors flocked back into the market. The performance gains were as follows: Energy +16.31%, Financials +12.75%, Industrials +12.75%, Materials +11.63%, Utilities +10.94%, Information Technology +10.30%, Real Estate +8.55%, Health Care +7.59% and Consumer Staples +4.84%. The two that dug deeper into the market sell-off were Consumer Discretionary -13.77% and Communication Services -6.96%.
Lastly, in Commodity and Currency News, crude oil prices continued to push slightly ahead on Tuesday. West Texas Intermediate (USO ) gained almost +2% and Brent Crude (BNO ) climbed roughly +0.70%, bringing barrel priced between $24-$28 each. Gold (GLD ) rallied over 4% on Tuesday, pointing to what might be the end of the metal's sell off. Finally, the U.S. Dollar (UUP ) lost some of its strength against other global currencies on Tuesday, with the DXY Index dropping -0.68%.
