Dow surges to record | GameStop rising again | Munger rips Robinhood

The stock market staged another big intraday comeback on Wednesday as investors continued to piled into names sensitive to an economic comeback, while looking past the risk of inflation and rising interest rates.

VIEW IN BROWSER | SUBSCRIBE WED, FEB 24, 2021 EVENING BRIEF AS OF WED, FEB 24, 2021 • 05:01 ET DJIA 31961.86 +1.35% +424.51 S&P 500 3925.43 +1.14% +44.06 NASDAQ 13597.97 +0.99% +132.77   Most Active DOW NAME LAST CHG %CHG AAPL 125.35 -0.51 -0.41% BA 229.34 +17.22 +8.12% MSFT 234.55 +1.28 +0.55% S&P 500 NAME LAST CHG %CHG AAPL 125.35 -0.51 -0.41% GE 13.12 +0.53 +4.21% F 12.27 +0.65 +5.59% NASDAQ NAME LAST CHG %CHG AAPL 125.35 -0.51 -0.41% AMD 86.94 +2.20 +2.60% TSLA 742.02 +43.18 +6.18%   EDITOR'S NOTE Stocks staged a midweek comeback, as indexes reversed a slump and surged Wednesday afternoon. The Dow added 424 points, powered by Boeing, Chevron, Goldman Sachs and Visa. Recovery-themed stocks helped lift the S&P 500, which closed up 1.14%. Occidental Petroleum and Norwegian Cruise Line helped bolster the index. Even the tech-heavy Nasdaq Composite, which struggled as tech stocks faltered, was able to eke out a win. It rose just shy of 1%, but the index is still down nearly 2% for the week.   Investors are picking their winners as the outlook for the economy improves and Treasury yields rise. To that effect, tech favorites – including Amazon and Apple – are being set aside for energy companies and financials. Indeed, Goldman Sachs was up 3.5% to $330.64, and Wells Fargo boosted its price target on the investment bank to $360 from $335 today.   Another favorite has emerged in small cap companies as investors bet on the economy reopening. The Russell 2000 index outperformed major indexes today, rising by more than 2%. It's up 15% for the year. Don't let the search for returns lead you into trouble. Charlie Munger, vice chairman of Berkshire Hathaway, slammed the speculative arena of special purpose acquisition companies or SPACs.   He spoke today at the Los Angeles-based Daily Journal annual shareholders meeting. "I don't participate at all and I think the world would be better off without them," Munger said.  Darla Mercado | CNBC Markets and Investing Editor @Darla_Mercado TOP NEWS  Dow jumps 420 points to a record close in another intraday reversal, recovery plays lead rally House Democrats aim to pass $1.9 trillion Covid relief bill on Friday FDA staff endorses J&J's single-shot Covid vaccine for emergency use — clearing way for third vaccine in U.S. Charlie Munger says novice investors are getting lured into a bubble in 'dirty way' by Robinhood The Fed's system that allows banks to send money back and forth is down Charlie Munger doesn't know what's worse: Tesla at $1 trillion or bitcoin at $50,000 These stocks could benefit as Texas and other states remake energy infrastructure GameStop shares soar more than 100% amid executive shuffle Biden administration may undo certain Trump-era mortgage rules How to play the coming infrastructure super cycle, according to Morgan Stanley   TOP VIDEO Jim Cramer on Cathie Wood's latest stock purchases   CNBC PRO Why Keurig Dr Pepper is more than a pandemic play   SPECIAL REPORTS Failure to report cryptocurrency on your tax return can lead to trouble with the IRS As Nasdaq 100 continues losing streak, traders look for stocks to buy at a discount   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS