ECONOMIC SILUET: Dow leaps 586 points | Bitcoin slips below $33,000

Senin, 21 Juni 2021

Dow leaps 586 points | Bitcoin slips below $33,000 | Bank of America’s top internet stocks

MON, JUN 21, 2021

EVENING BRIEF

AS OF MON, JUN 21, 2021 • 05:00 ET

DJIA		33876.97
		+1.76%	+586.89

S&P 500		4224.79
		+1.40%	+58.34

NASDAQ		14141.48
		+0.79%	+111.10

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	132.30	+1.84	+1.41%
MSFT	262.63	+3.20	+1.23%
INTC	55.87	+0.20	+0.36%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	132.30	+1.84	+1.41%
F	14.78	+0.26	+1.79%
GE	13.19	+0.41	+3.21%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	132.30	+1.84	+1.41%
AMD	82.59	-2.06	-2.43%
MSFT	262.63	+3.20	+1.23%

EDITOR'S NOTE

The stock market roared back from last week's steep sell-off, led by reopening trades as investors reassessed the Federal Reserve's hawkish policy shift.

The blue-chip Dow Jones Industrial Average jumped 586.89 points, or nearly 1.8%, rebounding from its worst week since October. The S&P 500 gained 1.4%, driven by energy, financial and industrial stocks. The broad equity benchmark is now within 1% from its record high after Monday's comeback rally. The Nasdaq Composite was the relative underperformer with a 0.8% gain.

Monday's rally came despite an overnight drop in Asian markets and a big decline in bitcoin. Japan's Nikkei 225 fell more than 3% on Monday, with automakers Nissan and Honda leading the way. Meanwhile, bitcoin slipped below $33,000 as China continued its crackdown on cryptocurrency mining.

Stocks suffered sharp losses last week after the Fed signaled it will tighten monetary policy at a faster-than-expected pace. The central bankers also expressed heightened concerns about inflation risks. Shares tied to economic growth led the sell-off, while the bond market responded with a drastic flattening of the Treasury yield curve in which long-term bond yields fell and short-term ones rose.

"The Fed-inspired sell-off looks like it was overdone," said Fiona Cincotta, senior financial markets analyst at City Index. "The Fed's sudden hawkish shift last week, with two interest rate hikes now expected in 2023 caught the market off guard."