Sharp gains from Boeing and Apple led the way for stocks while traders shrugged off recent coronavirus data.
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Traders and financial professionals work on the floor of the New York Stock Exchange.
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Dow Jones Industrial Average rises 580 points
The Dow climbed 580.25 points, or 2.32%, to close at 25,595.80. The S&P 500 rose 1.47% to 3,053.24. The Nasdaq Composite advanced 1.20% to 9,874.15. Sharp gains from Boeing and Apple led the way for stocks while traders shrugged off recent coronavirus data.
Boeing surges, Apple gains
Boeing shares jumped 14.40% as certification flights for the 737 Max began Monday. The test is seen by investors as a critical step in Boeing’s worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people. Apple was also among the biggest contributors of gains on the Dow, climbing 2.30%.
Coronavirus cases continue to rise
Monday’s gains came even after data compiled by Johns Hopkins University showed more than 2.5 million Covid-19 cases have been confirmed in the U.S., along with more than 125,000 deaths. Some, such as Tom Lee of Fundstrat Global Advisors, say they’re taking solace in the fact that the acceleration in infection numbers is not yet leading to a marked rise in fatalities.
What happens next?
Tuesday will be the final trading day of the month and the second quarter. Consumer confidence numbers are also set for release at 10 a.m.
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