U.S. stocks rise with Dow rising 350 points on hopes of economy reopening
U.S. stocks surged on Monday, with Dow climbing 350 points as investors cheered the possibility of reopening the economy after the coronavirus pandemic.
The Dow Jones Industrial Average ended 358.51 points higher, or 1.5 percent, at 24,133.78. Monday trading marked the Dow’s first close above 24,000 since April 17.
The S&P 500 added 1.5 percent to end at 2,878.48 while the tech-heavy Nasdaq Composite gained 1.1 percent to 8,730.16.
Monday’s gains have also put the S&P 500 on pace for its biggest one-month gain since 1987 with an 11.4 percent jump in April. The Dow rose 10.1 percent month to date, marking its best monthly performance since 2002.
Shares that would benefit most from an economic reopening led the way higher on Monday. Gap and Kohl’s shares jumped 12.9 percent and 17.7 percent, respectively.