- The
- Tech stocks got a boost, fueled by top-preforming Netflix, alongside airlines and
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Dow gains nearly 400 points
Tech stocks lead the pack, with airlines and metals producers also getting a boost.
Stocks began the last week of February in the green, with the Dow Jones industrial average rising 393 points, or 1.55%, to close at 25,703.20.
Warren Buffett seemed to catalyze the day’s rally, as his comments on airlines sent the sector higher and Berkshire Hathaway’s tax gains from the recently passed reform law sent its shares up as well.
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Treasurys also continued their gains, pushing yields lower, two days after Buffett laid out a bearish outlook for bond markets in coming months.
"It is a terrible mistake for investors with long-term horizons ... to measure their investment 'risk' by their portfolio's ratio of bonds to stocks," Buffett wrote in the February 24 letter. "Often, high-grade bonds in an investment portfolio increase its risk."
Tech stocks also got a boost, with Netflix reaching a record high above $300 for the first time. The streaming stock has outperformed the rest of the FAANG’s in 2018 so far. Apple finished up more than 2%, with Alphabet, Amazon, and Facebook also gaining more than 1% in trading.
In commodities, steel and aluminum producers got a bump in early trading Monday after President Trump reportedly told White House confidants he will support a 24% tax on imported steel and a 10% tax on imported aluminum.
The possible tariffs are something "other countries could easily follow," said
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