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Feb. 23, 2021, 4:35 p.m. EST

Dow, S&P 500 erase sharp losses to end higher as Powell pledges Fed support for economy through COVID crisis

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By William Watts and Joy Wiltermuth

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“While very early in a process that has no guarantee it will continue, market sentiment is moving from ‘there is no alternative to stocks’ to ‘stocks look like the less-attractive alternative,'” he said. “Only time will tell if markets stay on this path.”

At the same time, with the benchmark 10-year Treasury yield currently near 1.4%, government debt still could be a tough play for yield chasers in a 2% environment for inflation.

In One Chart: Can the bull market in stocks survive rising inflation, bond yields? Here’s what history says

On the fiscal front, the House Budget Committee on Monday approved a $1.92 trillion bill to carry out President Joe Biden’s coronavirus relief plan, a first step toward likely House passage by the end of the week. While the ultimate package is likely to shrink, analysts expect its final price tag to come close to Biden’s $1.9 trillion proposal.

Read: Should I buy bitcoin? Why the cryptocurrency is on the verge of a bear market

The S&P CoreLogic Case-Shiller home price index showed house prices rose 10% in December. The Conference Board said its index of consumer confidence rose to a three-month high of 91.3 in February from a revised 88.9 in January.

Which companies were in focus?

  • Snap Inc . /zigman2/quotes/205087158/composite SNAP -1.07% shares shot 11.1% higher Tuesday, after the social-media company’s executives detailed their plans for Snapchat in an investor presentation.

  • Shares of electric-vehicle maker Tesla Inc. /zigman2/quotes/203558040/composite TSLA -3.82% fell 2.2% as bitcoin dropped sharply . Tesla earlier this month revealed that it had bought $1.5 billion of the cryptocurrency.

  • Shares of Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC +1.98% fell 0.3% after the bank announced an agreement to sell Wells Fargo Asset Management to private-equity firms GTCR LLC and Reverence Capital Partners LP for $2.1 billion.

  • Palo Alto Networks Inc. /zigman2/quotes/207599953/composite PANW -3.35% shares fell 1.7% after the cybersecurity company’s quarterly earnings outlook range fell short of the Wall Street consensus late Monday, while beating estimates for the previous quarter.

  • Home Depot Inc. /zigman2/quotes/208081807/composite HD +2.86% shares lost 3.1% even after the home improvement retail giant reported fiscal fourth-quarter profit and sales that rose above expectations and boosted its dividend by 10% .

  • Shares of Macy’s Inc. /zigman2/quotes/201854387/composite M -2.62% gained 3.9%, reversing an earlier loss, after the department-store retailer topped fourth-quarter expectations .

  • Software-as-a-service company ZoomInfo Technologies Inc. /zigman2/quotes/218739090/composite ZI -5.09% announced fiscal fourth-quarter results late Monday that beat expectations . Shares rose 4.1%.

  • Shares of RealReal Inc. /zigman2/quotes/212846592/composite REAL -6.08% skidded 13.2% after the e-commerce retailer of secondhand luxury goods late Monday delivered a wider quarterly loss and said that the pandemic had “temporarily disrupted” its path to profitability.

How did other markets perform?

  • The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.82% edged 0.7 basis points lower to 1.363%. Yields and bond prices move in opposite directions.

  • The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.04% , a measure of the currency against a basket of six major rivals, was up 0.1%.

  • Oil futures closed mixed, with the U.S. benchmark /zigman2/quotes/211629951/delayed CL.1 -3.65% settling 0.1% lower at $61.67 a barrel. April Brent rose 0.2% to settle at $65.37, a 13-month high. April gold futures closed 0.1% lower at $1,805.90 an ounce.

  • In overseas stock trading, the pan-European Stoxx 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.14% dropped 0.4% and London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.59% closed up 0.3%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.96% fell 0.2%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.81% rose 1%.

  • Bitcoin BTCUSD continued to drop sharply from its high above $50,000 after Treasury Secretary Janet Yellen on Monday called the cryptocurrency an “extremely inefficient” way to conduct transactions.

/zigman2/quotes/205087158/composite
US : U.S.: NYSE
$ 51.01
-0.55 -1.07%
Volume: 10.92M
May 13, 2021 3:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$78.55 billion
Rev. per Employee
$648,881
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 567.38
-22.51 -3.82%
Volume: 39.56M
May 13, 2021 3:20p
P/E Ratio
575.18
Dividend Yield
N/A
Market Cap
$568.26 billion
Rev. per Employee
$445,694
loading...
/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 46.54
+0.90 +1.98%
Volume: 16.32M
May 13, 2021 3:20p
P/E Ratio
32.25
Dividend Yield
0.86%
Market Cap
$188.66 billion
Rev. per Employee
$293,069
loading...
/zigman2/quotes/207599953/composite
US : U.S.: NYSE
$ 323.85
-11.24 -3.35%
Volume: 975,385
May 13, 2021 3:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$32.59 billion
Rev. per Employee
$425,306
loading...
/zigman2/quotes/208081807/composite
US : U.S.: NYSE
$ 326.07
+9.07 +2.86%
Volume: 3.55M
May 13, 2021 3:20p
P/E Ratio
27.34
Dividend Yield
2.02%
Market Cap
$340.85 billion
Rev. per Employee
$261,708
loading...
/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 15.96
-0.43 -2.62%
Volume: 12.65M
May 13, 2021 3:20p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$5.11 billion
Rev. per Employee
$239,027
loading...
/zigman2/quotes/218739090/composite
US : U.S.: Nasdaq
$ 39.90
-2.14 -5.09%
Volume: 2.59M
May 13, 2021 3:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$16.45 billion
Rev. per Employee
$272,582
loading...
/zigman2/quotes/212846592/composite
US : U.S.: Nasdaq
$ 13.59
-0.88 -6.08%
Volume: 4.79M
May 13, 2021 3:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.31 billion
Rev. per Employee
$115,188
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.67
-0.03 -1.82%
Volume: 0.00
May 13, 2021 3:19p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.75
+0.04 +0.04%
Volume: 0.00
May 13, 2021 3:10p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 63.67
-2.41 -3.65%
Volume: 489,369
May 13, 2021 3:10p
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/zigman2/quotes/210599654/delayed
XX : STOXX
437.32
-0.61 -0.14%
Volume: 0.00
May 13, 2021 5:50p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,963.33
-41.30 -0.59%
Volume: 641,085
May 13, 2021 4:58p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,429.54
-33.22 -0.96%
Volume: 31.93B
May 13, 2021 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,718.67
-512.37 -1.81%
Volume: 2.17M
May 13, 2021 4:08p
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