Railroad Was Biggest Mover in S&P 500

Kansas City Southern is being bought by Canadian firm
By Newser Editors and Wire Services
Posted Mar 22, 2021 3:52 PM CDT

(Newser) – Technology companies led stocks higher on Wall Street Monday, reversing some of the market's losses from last week, as investors welcomed some easing in long-term bond yields. The S&P 500 index rose 0.7%, as gains in technology, communication, and other stocks outweighed a pullback in financial companies, the AP reports. The rally in tech stocks pushed the Nasdaq composite 1.2% higher. The yield on the 10-year Treasury note fell to 1.69% after trading as high as 1.74% last week. A steady rise in bond yields over the past month has been luring investors away from high-flying tech stocks. The S&P 500 rose 27.49 points to 3,940.59. The Dow Jones Industrial Average rose 103.23 points, or 0.3%, to 32,371.20. The Nasdaq rose 162.31 points o 13,377.54.

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Kansas City Southern jumped 11.1% for the biggest gain in the S&P 500 after a Canadian railroad announced it would buy the company for $25 billion, The US-traded shares of British drug company AstraZeneca were up 4% after British and US health officials said the company's COVID-19 vaccine was safe and earlier reports of blood clots were outweighed by the health benefits of the vaccine. Apollo Global Management rose 4.3% after the private equity company announced that its longtime chairman Leon Black would be retiring. Black's reputation had been damaged in the last couple of years by his association with disgraced financier Jeffrey Epstein.

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