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The Market Rallied This Afternoon. Here's Why.

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The Market Rallied This Afternoon. Here's Why.

The SPDR S&P 500 ETF Trust (NASDAQ: SPY) hit an all-time high of $398.07 Wednesday, ending the day at $397.26. The move higher came after Federal Reserve Chairman Jerome Powell eased concerns on elevating interest rates in the near term.

Here are the day's winners and losers from the SPY, according to data from Benzinga Pro.

The leaders came from the likes of Lennar Corporation (NYSE: LEN), Dow Inc. (NYSE: DOW) Expedia Group Inc (NASDAQ: EXPE).

Lennar shares traded higher after the company reported better-than-expected first-quarter earnings results. Dow traded higher after Wells Fargo maintained an Overweight rating on the stock and raised its price target from $77 to $80.

NRG Energy Inc (NYSE: NRG) AbbVie Inc (NYSE: ABBV) and Discovery Communications (NASDAQ: DISCA) were the top laggards for the SPY.

NRG Energy shares traded lower after the company announced it has withdrawn its prior guidance as winter storm Uri is expected to have a significant impact on the company’s 2021 results. AbbVie traded lower after the FDA pushed back the review period for the company's supplemental marketing application for Upadacitinib in active psoriatic arthritis.

See also: Best Stocks Under $5

Elsewhere On The Street

  • Bill Gross, the co-founder of fixed income investment company Pacific Management Co., said he managed to book a profit of about $10 million from the GameStop Corp. (NYSE: GME) trading frenzy earlier this year. Read More
  • Plug Power Inc (NASDAQ: PLUG) shares plummeted after the hydrogen fuel-cell company disclosed reporting errors in accounting, particularly related to several non-cash items. Plug Power said it will now reissue financial statements for fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020. Read More
  • Walt Disney Co (NYSE: DIS) confirmed it will reopen its Disneyland theme park in California on April 30 and the company is excited to "bring the magic back to everybody involved," Disney CEO Bob Chapek told CNBC. Read More
 

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