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March 29, 2021, 4:11 p.m. EDT

Dow books 17th record close of 2021 as stock market mostly shakes off investment fund's margin-call turbulence

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By Mark DeCambre

The Dow Jones Industrial Average finished the start of holiday-shortened week at a fresh all-time high Monday, notching its second record in a row, as investors appeared willing to dismiss volatility sparked by a large investment fund's massive $30 billion margin calls last week that resulted in the unwind of billions of dollars in holdings. The margin event also triggered concern that global banks that dealt with the firm could face sharp losses. Still, the Dow closed up around 100 points, or 0.3%, to end at 33,171, marking its second straight all-time closing high and its 17th of 2021. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.49% closed off less than 0.1% at 3,971, narrowly missing a record with a positive finish, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +2.32% declined 0.6% to end at 13,060. The Wall Street Journal reported that former Tiger Asia manager Bill Hwang’s Archegos Capital Management , sold $30 billion in holdings last week, briefly roiling parts of the market. Credit Suisse Group and Nomura Holdings said Monday that they could incur substantial losses from dealings with a U.S. client. Shares of U.S. financials were under pressure on Monday, closing off 0.9%, while consumer staples /zigman2/quotes/200697959/composite XLP +0.44% and communication services /zigman2/quotes/204079482/composite XLC +1.97% finished up 1% to lead gainers on the day among the S&P 500's 11 sectors. Shares of ViacomCBS /zigman2/quotes/200340870/composite VIAC +1.04% and Discovery /zigman2/quotes/200511275/composite DISCA +1.19% , the media stocks, that were said to be sold off during the Archegos liquidation finished down 7% and 1.6%, respectively.

/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,429.98
+304.99 +2.32%
Volume: 3.61M
May 14, 2021 5:16p
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/zigman2/quotes/200697959/composite
US : U.S.: NYSE Arca
$ 70.91
+0.31 +0.44%
Volume: 9.67M
May 14, 2021 4:00p
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/zigman2/quotes/204079482/composite
US : U.S.: NYSE Arca
$ 77.09
+1.49 +1.97%
Volume: 3.26M
May 14, 2021 4:00p
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/zigman2/quotes/200340870/composite
US : U.S.: Nasdaq
$ 38.91
+0.40 +1.04%
Volume: 17.03M
May 14, 2021 4:00p
P/E Ratio
8.60
Dividend Yield
2.47%
Market Cap
$25.36 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/200511275/composite
US : U.S.: Nasdaq
$ 35.65
+0.42 +1.19%
Volume: 4.72M
May 14, 2021 4:00p
P/E Ratio
24.42
Dividend Yield
N/A
Market Cap
$16.62 billion
Rev. per Employee
$1.09M
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