Morgans AM: Thursday 25 February 2021

Morgans Financial Limited

US equity markets staged another intra-day comeback to settle with solid gains as investors continued to buy companies leveraged to an economic rebound – Dow rose +425-points or +1.35% to 31,961.86. Boeing Co jumped 8.1%, while Chevron Corp climbed 3.7%. Goldman Sachs and Visa Inc both rose more than >3%. The broader S&P500 rose +1.14%, recovering from an earlier -0.6% decline. Energy (up +3.64%) was once again the leading primary sector performer, while Financials (+2.01%), Industrials (+1.93%) and Information (+1.51%) also traded strongly. Utilities and Consumer Staples (-0.03%) were the only primary sectors to close in the red. Tesla Inc rose +6.2% after Ark Invest increased their stake in the electric vehicle maker. Johnson and Johnson rose +1.34% after the U.S. Food and Drug Administration (FDA) said that the pharmaceutical company’s COVID-19 vaccine met the requirements for emergency use authorisation. The Nasdaq rose +0.99%, erasing an earlier -1.3% fall. The small capitalisation Russell 2000 index jumped +2.38%.