Dow rises 300 points to touch a record, Nasdaq sheds 2% as rotation out of tech continues; European shares close 2% higher with U.S. stimulus, rising bond yields in focus; DAX hits record high 
The Dow Jones Industrial Average climbed on Monday as investors piled into economic comeback plays after Senate approval of a new Covid stimulus package, while a continuous sell-off in high-flying tech shares put pressure on the broader market. 
The blue-chip benchmark gained 306.14 points, or 1%, to 31,802.44 led by Disney. At its session high, the 30-stock average jumped 650 points to hit an intraday record high. The S&P 500 erased a 1% gain to close 0.5% lower at 3,821.35. The Nasdaq Composite slid 2.4% in volatile trading to 12,609.16 as Apple dropped 4.2% and Tesla fell 5.8%. Alphabet and Netflix both slipped more than 4%. The tech-heavy benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. 
Disney shares added more than 6% after California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April. American Airlines jumped nearly 5%, while United Airlines popped 7%. Target rose 2.5%. 
The benchmark 10-year yield has risen sharply in recent weeks in anticipation of more stimulus on top of a booming economic recovery. The 10-year Treasury yield rose 4 basis points to 1.6% Monday. The benchmark rate started the calendar year below the 1% mark. 

The pan-European Stoxx 600 closed up 2.2%, with banks adding 3.7% to lead gains as almost all sectors and major indexes advanced. Germany’s DAX index rose 3.3% and hit a new intraday high, according to Reuters. 
Banks enjoyed a broad rally Monday, with ABN Amro and Banco de Sabadell jumping more than 7% while Deutsche Bank and Commerzbank gained more than 4%. 
Mall operators Klepierre and URW jumped 8% and 8.9% respectively, while cruise operator Carnival also climbed 8%. British education group Pearson gained 5.9% to lead the Stoxx 600 after announcing a new direct-to-consumer strategy. 
Source: CNBC