Nasdaq marks first correction since September as Dow books biggest outperformance against peer indexes in years
The Nasdaq Composite index registered its first correction since early September and the Dow Jones Industrial Average finished higher on Monday, producing its biggest outperformance compared against its peer benchmarks in years, even as the stock market's gains faded into the close. The session was marked by bumpy trade that has been credited to a rise in benchmark bond yields which are hanging around their highest levels in a year, making pricey, technology and tech-related stocks comparatively less attractive. The Dow closed up 1% at around 31,802, the S&P 500 index fell 0.5%, while the tech-heavy Nasdaq Composite Index closed down 2.4%, and registered its first correction, defined as a decline of at least 10% from a recent peak, since Sept. 9. The 10-year Treasury yield touched the highest level in over a year Friday before pulling back somewhat, booking its fifth straight weekly rise. The Dow was on track to book its widest outperformance against the S&P 500 since 1971, according to Dow Jones Market Data and the biggest outperformance against the Nasdaq since 2001. The moves on the day come after the Senate's passage over the weekend of a $1.9 trillion COVID-19 relief package. Meanwhile, AMC Entertainment Holdings Inc. shares were 13% higher after scoring a price-target increase from Wedbush, while those for GameStop Corp. surged after the company appointed a strategy committee that included Chewy Inc. co-founder Ryan Cohen.
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