Stock Market Today: Nasdaq Scores Biggest Surge in 4 Months
Tesla, Apple and a most other large-cap tech names triggered a relief rally in the Nasdaq a day after the index fell into correction.


The Nasdaq Composite, doing its best impersonation of a pendulum of late, swung hard in the bulls' direction Tuesday with its best one-day performance in roughly four months – just one day after falling into a correction from its Feb. 12 peak.
"The Nasdaq market 'capitulated' (on Monday)," says market strategist Louis Navellier. "Volume was light, however, which is less of a concern than high-volume declines, which indicate panic."
Today's "buy-the-dip" moment in the tech-heavy index coincided with a short reprieve in rising Treasury rates; the 10-year Treasury yield closed at 1.55% on Tuesday.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The 10-year (yield) is now overbought on the short-term charts," says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, adding that further pullbacks "should power better relative performance out of the tech sector over the short-run."
Tesla (TSLA, +19.6%) broke a five-session slump, roaring ahead on robust vehicle sales data out of China. That, as well as big moves in tech blue chips such as Apple (AAPL, +4.1%), Microsoft (MSFT, +2.8%) and Nvidia (NVDA, +8.0%) sent the Nasdaq 3.7% higher to 13,073 – its biggest single-day gain since Nov. 4, 2020. The Dow finished a slim 0.1% higher to 31,832.
Other action in the stock market today:
- The S&P 500 gained 1.4% to 3,875..
- The small-cap Russell 2000 popped 1.9% to 2,245.
- U.S. crude oil futures declined by 1.6% to $64.01 per barrel.
- Gold futures rebounded 2.3% to settle at $1,716.60 per ounce.
- Rocket Cos. (RKT, +3.2%) broke a four-session losing streak on the record date of its $1.11-per-share special dividend. While RKT's payout is expected to be a one-time affair, there are some stocks that more regularly pay special dividends.
- Bitcoin prices continued their recent resurgence, climbing 5.0% to $54,388. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
What Hedge Funds Are Holding
That's more good news for the hedge fund set, which is having a nice start to 2021.
The Eurekahedge North American Hedge Fund Index was up 4.8% through March 8, beating every one of the major indices. In part, they have the Dow Jones Industrial Average to thank – Dow 30 stocks feature prominently among the stocks most widely held by hedge funds and other institutional money.
But they're also heavy in the technology sector, which has lagged in 2021 – so it stands that Tuesday's revival in mega-cap tech was celebrated by much of Wall Street's "smart money."
What exactly do hedge funds own en masse at the moment? Today, we've taken a dive into their most recent filings and identified 25 stocks that are most widely held among institutional holders with deep pockets and rich research resources. Have a look!
Kyle Woodley was long NVDA as of this writing.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
The New Travel Trend For Your Next Trip
"Noctourism" is a new trend of building travel and vacations around events and plans that take place at night. Take a look at some inspiring noctourism ideas.
-
With Buffett Retiring, Should You Invest in a Berkshire Copycat?
Warren Buffett will step down at the end of this year. Should you explore one of a handful of Berkshire Hathaway clones or copycat funds?
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
Stocks at New Highs as Shutdown Drags On: Stock Market Today
The Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
Stocks Close September on a High Note: Stock Market Today
A little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have Today
Bank of America stock has been a massive buy-and-hold bust.
-
Investors Take Stock of Shutdown Talk: Stock Market Today
Whether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
-
If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have Today
ORCL Oracle stock has been an outstanding buy-and-hold bet for decades.
-
Dow Adds 300 Points, Ends Losing Streak: Stock Market Today
The Dow, the S&P 500 and the Nasdaq head into the weekend on high notes after posting gains for the first time since Monday.