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Investors furiously bought stocks Tuesday, as they looked ahead to a bipartisan agreement in Congress for a massive package of coronavirus relief.
The Dow Jones Industrial Average DJIA, +11.37% soared 2,113 points (or 11.4%) to close at 20,704.91, for its best one-day percentage performance since 1933. The S&P 500 Index SPX, +9.38% was up 9.4%, while the Nasdaq Composite COMP, +8.12% added 8.1%.
Senate Majority Leader Mitch McConnell, Senate Minority Leader Charles Schumer and Speaker of the House Nancy Pelosi all expressed optimism that an economic stimulus deal would soon be struck In Washington.
Meanwhile, President Trump said he wanted the U.S. to be “opened up” by Easter, April 12.
On Monday, the Federal Reserve announced a number of new measures to support the U.S. economy, including a new “Main Street Business Lending Program” through which the central bank will support lending to small and medium-sized businesses. Details haven’t yet been released.
In the stock market Tuesday, there was a rotation of buying into sectors that had been hit particularly hard since the S&P 500 reached its closing record Feb. 19:
| S&P 500 sector | Price change – March 24 | Price change since Feb. 19 | Price change – 2020 | Price change – 2019 |
| Energy | 16.3% | -48.9% | -53.9% | 7.6% |
| Financials | 12.8% | -35.8% | -35.3% | 29.2% |
| Industrials | 12.8% | -34.4% | -32.4% | 26.8% |
| Materials | 11.6% | -29.0% | -30.1% | 21.9% |
| Utilities | 10.9% | -28.9% | -23.1% | 22.2% |
| Information Technology | 10.3% | -24.1% | -15.1% | 48.0% |
| Consumer Discretionary | 8.6% | -26.0% | -21.4% | 26.2% |
| Real Estate | 8.6% | -32.7% | -28.4% | 24.9% |
| Health Care | 7.6% | -22.6% | -21.1% | 18.7% |
| Communication Services | 5.8% | -24.5% | -19.7% | 30.9% |
| Consumer Staples | 4.8% | -20.7% | -18.8% | 24.0% |
Diggging further, here are two industries grossly affected by the COVID-19 pandemic that fared particularly well Tuesday:
| S&P industry group | Price change – March 24 | Price change since Feb. 19 | Price change – 2020 | Price change – 2019 |
| Airlines | 19.4% | -49.0% | -49.5% | 10.2% |
| Hotels, Resorts & Cruise Lines | 13.9% | -53.6% | -56.8% | 34.7% |
| Source: FactSet | ||||
Odeon Capital analyst Dick Bove had predicted “a major rally” for bank stocks before Tuesday’s open, and named four bank stocks and one preferred stock each for Fannie Mae FNMA, +18.75% and Freddie Mac FMCC, +15.00% that he considered “buys” for investors looking to trade.
Here’s a breakdown of the trading session’s 303 double-digit increases among the S&P 500:
| Increase range March 24 | Number of S&P 500 stocks |
| 10% or more | 303 |
| 15% or more | 144 |
| 20% or more | 62 |
| 25% or more | 28 |
| 30% or more | 16 |
| 35% or more | 5 |
| Source: FactSet | |
Best of the S&P 500
The following table shows the 62 components of the benchmark index that were up 20% or more Tuesday. You can scroll the table to see other time periods. All figures exclude dividends:
| Company | Ticker | Price change – March 24 | Price change since Feb. 19 | Decline from 52-week high | Price change – 2020 | Price change – 2019 |
| Norwegian Cruise Line Holdings Ltd. | NCLH, +42.19% | 42.3% | -73.5% | -77.0% | -76.4% | 37.8% |
| L Brands Inc. | LB, +39.04% | 39.0% | -48.2% | -56.1% | -29.6% | -29.4% |
| DXC Technology Co. | DXC, +41.02% | 38.2% | -49.7% | -77.7% | -60.1% | -29.3% |
| American Airlines Group Inc. | AAL, +35.80% | 35.8% | -50.9% | -60.5% | -51.5% | -10.7% |
| Alliance Data Systems Corp. | ADS, +35.43% | 35.4% | -58.6% | -77.0% | -62.6% | -25.2% |
| MGM Resorts International | MGM, +33.11% | 33.2% | -62.0% | -64.8% | -63.4% | 37.1% |
| Darden Restaurants Inc. | DRI, +31.34% I | 31.5% | -55.3% | -58.0% | -50.5% | 9.2% |
| Lincoln National Corp. | LNC, +31.70% | 31.4% | -62.5% | -66.2% | -61.4% | 15.0% |
| ViacomCBS Inc. Class B | VIAC, +30.76% | 30.8% | -58.6% | -72.5% | -64.9% | -4.0% |
| Noble Energy Inc. | NBL, +30.43% | 30.4% | -69.2% | -79.5% | -76.5% | 32.4% |
| Freeport-McMoRan Inc. | FCX, +29.68% | 29.7% | -42.2% | -52.4% | -46.7% | 27.3% |
| Tapestry Inc. | TPR, +29.68% | 29.7% | -51.1% | -62.0% | -49.1% | -20.1% |
| Gap Inc. | GPS, +29.46% | 29.6% | -52.6% | -69.9% | -54.0% | -31.4% |
| Whirlpool Corp. | WHR, +29.57% | 29.6% | -43.5% | -49.2% | -43.6% | 38.0% |
| Apache Corp. | APA, +29.47% | 29.5% | -80.4% | -85.4% | -78.2% | -2.5% |
| IHS Markit Ltd. | INFO, +28.41% | 28.4% | -28.1% | -28.6% | -22.6% | 57.1% |
| Helmerich & Payne Inc. | HP, +28.03% | 28.2% | -60.2% | -72.1% | -60.1% | -5.2% |
| Harley-Davidson Inc. | HOG, +26.99% | 27.0% | -44.1% | -52.9% | -47.6% | 9.0% |
| Kohl’s Corp. | KSS, +27.04% | 27.0% | -62.2% | -78.1% | -67.4% | -23.2% |
| Halliburton Co. | HAL, +26.53% | 26.9% | -70.2% | -79.4% | -72.8% | -7.9% |
| Discover Financial Services | DFS, +26.75% | 26.8% | -55.3% | -63.6% | -60.2% | 43.8% |
| Arconic Inc. | ARNC, +26.36% | 26.4% | -55.5% | -55.8% | -50.8% | 82.5% |
| Unum Group | UNM, +26.20% | 26.2% | -55.9% | -65.5% | -55.1% | -0.7% |
| United Airlines Holdings Inc. | UAL, +25.71% | 25.7% | -58.4% | -65.6% | -62.5% | 5.2% |
| Stanley Black & Decker Inc. | SWK, +25.32% | 25.3% | -44.2% | -48.0% | -45.5% | 38.4% |
| Weyerhaeuser Co. | WY, +25.32% | 25.2% | -44.5% | -46.6% | -44.1% | 38.2% |
| ConocoPhillips | COP, +25.21% | 25.2% | -48.1% | -55.8% | -52.7% | 4.3% |
| PulteGroup Inc. | PHM, +24.46% | 24.5% | -52.6% | -53.4% | -43.1% | 49.3% |
| Ulta Beauty Inc | ULTA, +23.98% | 24.0% | -40.2% | -51.9% | -29.8% | 3.4% |
| Yum Brands Inc. | YUM, +23.25% | 23.3% | -33.8% | -41.8% | -30.8% | 9.6% |
| Eaton Corp. Plc | ETN, +23.26% | 23.2% | -31.7% | -32.7% | -24.8% | 38.0% |
| Ford Motor Co. | F, +23.44% | 23.2% | -38.3% | -53.2% | -46.9% | 21.6% |
| Avery Dennison Corp. | AVY, +22.87% | 22.9% | -29.3% | -31.4% | -26.0% | 45.6% |
| Chevron Corp. | CVX, +22.74% | 22.7% | -39.9% | -47.7% | -44.8% | 10.8% |
| Principal Financial Group Inc. | PFG, +22.56% | 22.6% | -47.0% | -51.3% | -46.2% | 24.5% |
| Ecolab Inc. | ECL, +22.16% | 22.4% | -27.1% | -27.5% | -20.6% | 31.0% |
| Royal Caribbean Cruises Ltd. | RCL, +22.28% | 22.3% | -68.9% | -74.5% | -74.2% | 36.5% |
| United Rentals Inc. | URI, +22.18% | 22.2% | -43.6% | -49.1% | -48.1% | 62.7% |
| Mohawk Industries Inc. | MHK, +22.04% | 22.2% | -41.1% | -50.6% | -43.3% | 16.6% |
| LKQ Corp. | LKQ, +22.01% | 22.0% | -50.1% | -53.7% | -52.5% | 50.4% |
| PVH Corp. | PVH, +22.27% | 21.8% | -58.9% | -73.7% | -66.4% | 13.1% |
| Hasbro Inc. | HAS, +21.67% | 21.7% | -35.4% | -50.3% | -40.2% | 30.0% |
| Global Payments Inc. | GPN, +21.68% | 21.7% | -31.8% | -32.6% | -22.6% | 77.0% |
| American Express Co. | AXP, +21.88% | 21.7% | -38.7% | -39.3% | -32.6% | 30.6% |
| Kansas City Southern | KSU, +21.70% | 21.5% | -30.7% | -31.6% | -20.2% | 60.5% |
| Lennar Corp. Class A | LEN, +21.29% | 21.4% | -49.4% | -50.1% | -36.1% | 42.5% |
| Cummins Inc. | CMI, +21.15% | 21.2% | -25.8% | -33.3% | -30.4% | 33.9% |
| Delta Air Lines Inc. | DAL, +21.02% | 21.0% | -54.0% | -57.6% | -54.0% | 17.2% |
| Prudential Financial Inc. | PRU, +21.04% | 21.0% | -49.0% | -55.4% | -49.4% | 14.9% |
| Genuine Parts Co. | GPC, +20.92% | 20.8% | -38.9% | -47.3% | -42.8% | 10.6% |
| Boeing Co. | BA, +20.89% | 20.7% | -62.3% | -68.0% | -60.9% | 1.0% |
| Baker Hughes Co. Class A | BKR, +20.58% | 20.7% | -45.9% | -60.2% | -56.1% | 19.2% |
| Capri Holdings Limited | CPRI, +20.50% | 20.6% | -59.8% | -77.8% | -70.9% | 0.6% |
| E-Trade Financial Corp. | ETFC, +20.57% | 20.6% | -26.8% | -42.6% | -27.5% | 3.4% |
| NVR Inc. | NVR, +21.08% | 20.4% | -33.9% | -35.7% | -31.2% | 56.3% |
| Alaska Air Group Inc. | ALK, +20.31% | 20.3% | -55.6% | -60.0% | -57.3% | 11.3% |
| Ameriprise Financial Inc. | AMP, +20.73% | 20.3% | -44.3% | -44.9% | -40.1% | 59.6% |
| Intuit Inc. | INTU, +20.08% | 20.1% | -23.5% | -23.8% | -10.7% | 33.1% |
| Devon Energy Corp. | DVN, +19.90% | 20.1% | -67.3% | -79.0% | -71.4% | 15.2% |
| Align Technology Inc. | ALGN, +20.01% | 20.0% | -40.4% | -50.6% | -40.8% | 33.2% |
| General Motors Co. | GM, +19.94% | 19.9% | -39.5% | -49.6% | -42.3% | 9.4% |
| Lam Research Corp. | LRCX, +20.31% | 19.6% | -30.9% | -33.0% | -21.1% | 114.7% |
| Source: FactSet | ||||||
You can click on the tickers for more about each company. Scroll the table to see all the data.
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