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After the Bell: Back-to-Back Gains!

John Divine

Stocks soared on Wednesday, buoyed by a pending stimulus package that U.S. Congress and the White House have reportedly agreed on. The rally followed Tuesday's major rally in which the Dow Jones Industrial Average added more than 11% for its biggest one-day bump in almost 90 years.

The Dow added 495 points, or 2.4%, to finish at 21,200 on Wednesday.

Airline, transportation names rally. The last couple of days have been characterized by trend reversal in markets, with many of 2020s most loathed names rallying and its most loved names selling off.

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Those trends continued in earnest on Wednesday, with Boeing ( BA), Norwegian Cruise Line Holdings ( NCLH) and Royal Caribbean Cruises ( RCL) finishing as three of the top four performers in the S&P 500, rising 24%, 23.3% and 23.3%, respectively.

Target slump. Big-box retailer Target ( TGT) finished as the worst performer in the S&P 500 on Wednesday, a day when 73% of all stocks finished higher. Shares of the stable retailer fell 9.6% as investors reprised their "risk-on" attitudes.

Gold falls slightly. Gold prices declined about 1% on Wednesday in a move consistent with the more risk-tolerant attitude of the wider market. That said, prices of the precious metal remain fairly elevated, with gold going for about $1,640 an ounce, up over 20% from just a year ago.



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