U.S. Stocks Dow Jones Rises 306 Points

The trend of US stocks is different today. As the yield of U.S. Treasury bonds rose and technology stocks were under heavy selling pressure, the Nasdaq Index fell 2.4%, retracing more than 10% from the previous wave high, and fell into a correction.

The Dow Jones Industrial Average rose more than 650 points in midday trading, setting a new record high in the intraday market. It rose 306.14 points, or 0.97%, to close at 31802.44 points. The Standard & Poor’s 500 Index fell 20.59 points, or 0.54%, to close at 3821.35 points. The Nasdaq Composite Index, which is dominated by technology stocks, fell 310.99 points, or 2.41%, to close at 12609.16 points.

The Nasdaq Index went all the way down at midday and almost closed at its lowest point throughout the day. Since closing at an all-time high on February 12, the index has retraced 10.5%, crossing the correction threshold.

Walt Disney shares surged 6.3% today, reaching a record high of US$201.91. The California government loosened anti-epidemic restrictions, and Disneyland, which has been closed for nearly a year, is expected to reopen its doors from April; the vigorous audio-visual streaming business and the reopening of theaters have favorable box office revenues, which will also help Disney’s stock price rise.

Compared with Disney and travel-related stocks, technology stocks are much lonelier. Apple’s share price plunged 4.2%, Facebook and Google’s parent company Alphabet fell 3.4% and 4.3% respectively. The electric car maker Tesla (Tesla) continued to fall 5.8%, and its share price plummeted 36% from a historical high within one and a half months.

Chip stocks fell even more violently, with the Philadelphia Semiconductor Index plummeting 5.41%. TSMC’s American Depositary Receipts (ADR) tumbled 5.7% and pulled back more than 18% after closing at a record high on February 16.

The interest rate on the 10-year US Treasury note rose from 1.55% to 1.59% today, a new high in more than a year, well above the level of less than 1% at the beginning of the year.

The Dow Jones index has risen 2.8% since the beginning of the month, the S&P 500 index has risen less than 0.3% over the same period, and the Nasdaq has pulled back 4.4%. (Editor: Huang Ziqiang) 1100309

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