The stock market's divergence continued on Monday, with a late-day drop that sent both the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) lower on the day. The Nasdaq's drop was by far the larger of the two, but the Dow Jones Industrial Average (DJINDICES: ^DJI) not only gained ground but also jumped to an intraday record high before giving back a portion of its gains. The Nasdaq's plunge has everyone worried about a potential market crash.
Shares of Walt Disney (NYSE: DIS) jumped 6.3% to a closing high of $201.91 on Monday after health officials said theme park companies could resume operations in California beginning on April 1. Coronavirus-related park closures have weighed heavily on Disney's financial results. Walt Disney's stock price rose sharply on Monday.
Technology-related shares sold off on Monday in a big downturn that pushed the Nasdaq into a correction and offset stocks that rose on hopes the $1.9 trillion COVID-19 relief bill will spur the U.S. economic recovery. The Dow hit a record intra-day high but the big tech stocks that have led Wall Street to scale successive peaks over the past year fell, with the Nasdaq closing down 2.41%.