NEW YORK (Sputnik) – US stocks rallied to a strong start for March, with the tech stocks index Nasdaq rising 3 percent to lead Monday’s gains, after a woeful performance in the final week of February caused by a spike in bond yields.
Nasdaq, which includes stocks of tech giants such as Facebook, Apple, Amazon, Netflix and Google, closed up 396 points on Monday, recovering most of the 478 points it lost on Friday, the final session of February, to settle the first day of the new month at 13,588.
The Dow Jones Industrial Average, the broadest gauge of the New York Stock Exchange, settled up 2 percent, more than the 1.8 percent it lost last week.
The stock market growth follows the Centers for Disease Control and Prevention advisory panel unanimous approval of Johnson & Johnson’s one-shot coronavirus vaccine for people above 18 years of age. The company said it expects to initially deliver four million doses.
Alongside that, on Saturday, the US House passed a $1.9 trillion COVID-19 relief bill, also known as the American Rescue Plan Act of 2021. The Senate is expected to consider the law soon.