The Nasdaq Composite index recorded its first correction since early September and the Dow Jones industrial average ended higher on Monday, yielding the highest performance against its peer-to-peer benchmarks in years, even as the stock market gains plummeted. The session was marked by a lump trade credited for an increase in yield of benchmark bonds hovering around their highest levels in a year, making stocks related to technology, technology and technology almost as attractive. An Dow DJIA,
closed up 1% at around 31,802, S&P 500 SPX index,
fell 0.5%, while the tech-heavy Nasdaq Composite Index COMP,
closed down 2.4%, and recorded its first correction, described as a decline of at least 10% from a recent peak, since September 9. 10-year TMUBMUSD10Y Financial Yield,
touched its highest level in more than a year on Friday before it pulled back something, retaining its fifth straight weekly rise. The Dow was on track to maintain its broadest performance against the S&P 500 since 1971, according to Dow Jones Market Data and the highest performance against Nasdaq since 2001. The trends come on the day after Senate trip over the weekend of the $ 1.9 trillion COVID-19 relief package. Meanwhile, AMC Entertainment Holdings Inc. shares AMC,
were 13% higher after receiving target price increases from Wedbush, and those for GameStop Corp. GME,
surged after the company hired a strategy committee that included Chewy Inc. co-founder Ryan Cohen.