Midday Report: Wells Fargo Cancels Cash Bonuses; Dow Secures 21,000 Milestone

Wall Street welcomed the new month with its best gains of the year. Investors rejoiced over what a more hawkish Federal Reserve means for the strength of the economy, particularly as members signal a possible move as soon as this month.  Manufacturing activity in the U.S. improved at a faster pace than anticipated in February. The ISM Manufacturing Index climbed to its highest level since August 2014. Crude oil prices fluctuated after an unexpected increase in domestic inventories over the past week. Crude stocks rose by 1.5 million barrels, surprising analysts hoping for a decline. Wells Fargo (WFC) - Get Report cancelled year-end cash bonuses for eight of its senior execs following last year's massive sales scandal. The bank is still investigating how millions of accounts were opened without customer knowledge in order to trump up sales numbers.