Dow surges 350 points on hope of economy reopening, closes above 24,000
Stocks rose on Monday as investors cheered the possibility of reopening the economy after the coronavirus outbreak.
The Dow Jones Industrial Average closed 358.51 points higher, or 1.5%, at 24,133.78. Monday marked the Dow’s first close above 24,000 since April 17. The S&P 500 gained 1.5% to close at 2,878.48 while the Nasdaq Composite advanced 1.1% to 8,730.16. (Click here for the latest market news.)
Monday’s gains put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4% surge in April. The Dow is up 10.1% month to date; that would be its best monthly performance since 2002.
Stocks that would benefit most from an economic reopening led the way higher on Monday. MGM Resorts and Carnival both climbed more than 8%. Gap and Kohl’s gained 12.9% and 17.7%, respectively.
“Additional global stimulus measures, slowing COVID-19 cases, and signals of normalcy …continued .
[Source: CNBC News]