Wall Street soars as investors embrace early signs of progress in finding a coronavirus vaccine. The S&P rises 3.2% and the Dow climbs 3.8%, or about 900 points.
The Dow Jones Industrial Average gained 963 points, or 4.1%, to 24,649. The Nasdaq composite climbed 2.7%. Small-company stocks fared better than the rest of the market. The Russell 2000 index rose 5.8%.
Traders are also encouraged that, so far at least, there hasn’t been a lot of data implying the reopening of the economy is going to lead to a resurgence in the number of COVID-19 cases, said Sam Stovall, chief investment strategist at CFRA. Benchmark U.S. crude oil for June delivery jumped 8.1% to settle at $31.82 a barrel. July Brent crude oil, the international standard, vaulted 7.1% to $34.81 a barrel.
May got off to a downbeat start as investors balance cautious optimism of a recovery as economies around the world slowly open up again against worries that the moves could lead to another surge in coronavirus infections and more economic uncertainty. But Monday’s strong start to the week reversed all of the market’s losses so far this month.
Europe has been taking steps to reopen its economy more widely, and so far, new infections and deaths have slowed considerably across the continent. Some countries there started easing lockdowns a month ago and even the harshest shutdowns — such as those in Italy and Spain — have loosened significantly.In his interview with CBS’s “60 Minutes,” Powell said the U.S. economy was fundamentally healthy before the virus forced widespread business shutdowns and tens of millions of layoffs.
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