Dow jumps 600 points led by tech, financials on economic recovery optimism

Senior market strategist for LPL Financial Ryan Detrick discusses growth vs. value and his investing tips.

U.S. equity markets rallied Monday as investors celebrated the approval of a third COVID-19 vaccine and as the U.S. House of Representatives passed a $1.9 trillion relief package. The combination fueled optimism on the economic recovery.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	37929.21	+153.83	+0.41%
SP500	S&P 500	4964.16	-46.96	-0.94%
I:COMP	NASDAQ COMPOSITE INDEX	15276.072531	-325.43	-2.09%

The Dow Jones Industrial Average gained 603 points, or 1.95%, while the S&P 500 and the Nasdaq Composite gained 2.38% and 3.01%, respectively.

Ticker	Security	Last	Change	Change %
XLF	FINANCIAL SELECT SECTOR SPDR ETF	40.32	+0.47	+1.18%
QQQ	INVESCO QQQ NASDAQ 100	414.82	-8.59	-2.03%

Technology and financial stocks led the broad gains in U.S. equities.

The gains came as the 10-year yield slipped 1.5 basis points to 1.44%. The benchmark yield last week touched a one-year high of 1.61%, causing jitters among stock-market investors as it topped the S&P 500's dividend yield.

President Biden’s COVID-19 relief package cleared the House in a 219 to 212 vote, mostly along party lines, that saw two Democrats vote against the measure.

The bill, which gives $1,400 checks to most Americans and extends unemployment benefits among other things, has been criticized by Republicans as a “blue state bailout” with only 9% of the money going towards pandemic relief.

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In stocks, Johnson & Johnson’s single-shot COVID-19 vaccine received emergency-use authorization from the U.S. Food and Drug Administration and is expected to begin shipping 4 million doses immediately.

Ticker	Security	Last	Change	Change %
JNJ	JOHNSON & JOHNSON	145.74	+0.97	+0.67%
DAL	DELTA AIR LINES INC.	47.85	-0.03	-0.06%
RCL	ROYAL CARIBBEAN GROUP	127.64	-0.33	-0.26%
MAR	MARRIOTT INTERNATIONAL INC.	236.30	-2.16	-0.91%

News of another vaccine boosted airlines, cruise ship operators and other companies that have been hit hard by restrictions aimed at slowing the spread of COVID-19.

Elsewhere, GameStop Corp. and other heavily shorted stocks, including AMC Entertainment Holdings Inc. and Koss Corp. continued to squeeze higher.

Ticker	Security	Last	Change	Change %
GME	GAMESTOP CORP.	10.31	+0.01	+0.10%
AMC	AMC ENTERTAINMENT	3.18	+0.25	+8.42%
KOSS	KOSS	2.39	+0.04	+1.69%

ExxonMobil Corp. shares spiked after CNBC reported activist investor Jeff Ubben will join the company's board of directors.

Boeing tacked on over 5% on word that United Airlines is buying 25 737 Max Jets.

Ticker	Security	Last	Change	Change %
BA	THE BOEING CO.	170.23	+0.02	+0.01%
UAL	UNITED AIRLINES HOLDINGS INC.	51.44	+0.02	+0.04%

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In earnings, Berkshire Hathaway reported operating income, Warren Buffett’s preferred performance measure, rose 14% from a year ago. The company, which bought back $25 billion of stock in 2020 plans to continue share repurchases in the current fiscal year.

Ticker	Security	Last	Change	Change %
DKNG	DRAFTKINGS INC.	40.48	-1.16	-2.79%

DraftKings Inc. received multiple upgrades and price target hikes after the sports-betting platform last week raised its outlook for the current fiscal year.

In commodities, West Texas Intermediate crude oil ticked lost 86 cents to $60.64 per barrel and gold slipped $5.60 to $1,722.50 an ounce.

Global markets were higher across the board.

Germany's DAX 30 paced the advance in Europe, trading up 1.64%, while Britain’s FTSE 100 and France's CAC 40 climbed 1.62% and 1.57%, respectively.

In Asia, Japan’s Nikkei 225 surged 2.41%, Hong Kong’s Hang Seng index advanced 1.63% and China’s Shanghai Composite index rose 1.21%.