What a whirlwind day on Wall Street. We got a surprise stimulus signing, a red-hot initial public offering and all sorts of electric vehicle news. So what else did the stock market do today? Dive in with InvestorPlace below.
To start, the major indices all ended the day in the green. The S&P 500 gained 1.04%, while the Dow Jones Industrial Average gained 0.58%. Importantly, the tech-heavy Nasdaq Composite tacked on a nice 2.52%.
So what else did the stock market do today? Here are three big stories to catch up on.
What Did the Stock Market Do Today? Watch Biden.
President Joe Biden signed the American Rescue Plan a day early, essentially launching $1.9 trillion in relief funding into the economy. Later tonight, he will address the United States to outline his plans for the next phase of Covid-19 recovery.
There are two immediate takeaways. The first is that direct $1,400 payments will make their way to American households as early as this weekend. The second is that experts think the American Rescue Plan will lift hard-hit families out of poverty. This is thanks to its large scale and the various ways it aims to lift the economy.
So what does this mean for investors? Following the surprise signing, stocks got a big boost. The S&P 500 jumped to an all-time high, and the Dow Jones Industrial Average hit another intraday high. Importantly, we also saw investors rotate back into tech shares as market sentiment shifts. Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) all gained on the day.
All About Vaccines
It really is all about vaccines.
As we wrote earlier this morning, Biden is ordering another 100 million doses of the Johnson & Johnson (NYSE:JNJ) vaccine to support the rollout in the U.S. This adds to the arsenal, which already includes vaccines from Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA).
We got more good vaccine news today. Ocugen (NASDAQ:OCGN) soared on successes from its partner Bharat Biotech. The Indian firm received restricted emergency-use authorization, putting it on par with other available vaccines. Early data from its trials also suggests a high level of antibody production, giving investors hope that COVAXIN could soon find its way to the U.S. If it does, Ocugen can cash in on its deal to commercialize the shot.
Johnson & Johnson also got a boost in Europe. Today, the European Medicines Association recommended that the European Union license its one-shot dose. This will be the fourth vaccine available in the EU, which has already ordered 200 million doses.
Two more Covid-19 stories to watch: Vir Biotechnology (NASDAQ:VIR) is making headway with its antibody treatment, which could join options from Regeneron (NASDAQ:REGN) and Eli Lilly (NYSE:LLY). Less fortunate is news on AstraZeneca (NASDAQ:AZN), another player in the vaccine race. Today, several countries in the EU halted the rollout of its Covid-19 vaccine after reports of blood clots in recipients started to emerge.
We Buy A Lot of Stuff Online
We really do buy a lot of stuff online, and new IPO Coupang (NYSE:CPNG) is looking to cash in.
The South Korean e-commerce firm hit the New York Stock Exchange this morning to great fanfare, gaining more than 40% in its first trading day. For investors, its valuation of roughly $60 billion was noteworthy, as its role in the e-commerce world. Even prior to coming public, many considered it a rival to Alibaba (NYSE:BABA) or Amazon (NASDAQ:AMZN). E-commerce is not going anywhere. Investors who are looking for the next phase of that growth, and exposure to the trend in another region, could find that in CPNG stock.
One more thing to note? It is not just retail investors diving into the initial public offering. Legendary investors like Bill Ackman and Stanley Druckenmiller were early backers of Coupang. If you want to keep this stock on your radar, here are eight things to know.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.