Tech Stocks start Dow Rallye

The Dow rose on Monday, led by financials on positive news about vaccines and progress in the economic recovery, while technology stocks tried to get last month's wobble in the rearview mirror. The Dow Jones Industrial Average rose 2.1%, or 657 points. The S&P 500 was up 2.6% and the Nasdaq Composite was up 2.9%. Johnson & Johnson (NYSE: JNJ) vaccine COVID-19 received Food and Drug Administration approval over the weekend.

About 20 million doses are expected to be shipped this month and 100 million by June. The approval boosted vaccinations in the US and fueled expectations for a stronger rebound while progress is being made on the $ 1.9 trillion stimulus package. The $ 1.9 trillion fiscal package, which also includes $ 1,400 in grants, was passed by the House of Representatives over the weekend. It is scheduled for a vote in the Senate. Vaccine optimism and the hope that more stimulus programs would be launched sooner rather than later sparked a rally in financial stocks, with airlines also drawing the attention of investors.

Financials were also in favor with investors, with Goldman Sachs Group (NYSE: GS) and Bank of America (NYSE: BAC) gaining more than 3% while Citigroup (NYSE: C) gaining 6% when Jane Fraser on Monday took the lead. Wells Fargo (NYSE: WFC) said Citi's assets as the sum of their parts are more valuable than a whole because there is "significant hidden value and trapped capital" in business. United Airlines (NASDAQ: UAL) rose 0.5% and American Airlines (NASDAQ: NASDAQ: AAL) rose more than 1%. Boeing (NYSE: BA) rose 5% after United Airlines announced it will purchase 25 additional Boeing 737 Max aircraft and ship other orders ahead of schedule.

Tech, meanwhile, recovered from a recent wobble as the sharp rise in US bond yields that led to the latest tech routine calmed down. Apple (NASDAQ: AAPL) led major technology stocks higher, while a jump in semiconductor stocks also helped the sector gain. Apple said all of its stores in the US reopened for the first time since closings began last year. Microsoft (NASDAQ: MSFT), Amazon.com (NASDAQ: AMZN), Facebook (NASDAQ: FB), and Alphabet (NASDAQ: GoogL) traded higher that day. Zoom Video Communications (NASDAQ: ZM) rose by around 9% in the run-up to the quarterly figures due after the market closed. Peloton Interactive (NASDAQ: PTON) and DocuSign (NASDAQ: DOCU) grew significantly.