Bond yields declined, encouraging investors to buy the dip in beaten-up technology stocks. The Nasdaq index surged over 4.0% in the trading session with Tesla shares soaring 19.6%. Apple (+4.1%), Facebook (+4.1%), Amazon (+3.8%), Microsoft (+2.8%), Netflix (+2.7%) and Peloton (+14.5%) shares all powered higher. Boeing’s (+2.9%) monthly aircraft orders outpaced cancellations for first time since 2019. The US House of Representatives votes on the US$1.9 trillion Covid-19 relief bill on Wednesday. The Dow Jones index closed higher by 30 points or 0.1% after hitting an intra-day record high. The S&P 500 index lifted 1.4% and the Nasdaq index climbed 465 points or 3.7%.
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