The Dow Jones Industrial Average closed at 22,679.99 on Monday with a gain of 1,627.46 points or 7.73%. The S&P 500 closed at 2,663.68 for a gain of 175.03 points or 7.03%. The Nasdaq Composite closed at 7,913.24 for a gain of 540.15 points or 7.33%. The VIX Volatility Index was lower at 44.85 for a loss of 1.95 points or -4.17%.
Monday’s market movers
Stocks rallied Monday on coronavirus optimism. Newly reported cases fell to approximately 23,000 on Sunday. New York also reported a decrease in the daily death rate. Total cases in the U.S. have increased to over 350,000. Researchers are calling for a peak this week in New York, Detroit and New Orleans.
Friday evening, the Center for Disease Control suggested that Americans use face masks. Results on the New York City trials for chloroquine treatments have yet to be disclosed. However, in a Sunday press conference, President Trump said the U.S. has purchased and stockpiled 29 million pills of hydroxychloroquine. A new trial of chloroquine treatments is also being discussed for Detroit.
In the energy sector, the OPEC+ virtual meeting scheduled for Monday was delayed, primarily due to tensions between Saudi Arabia and Russia. However, President Trump continued to pledge his support for the oil industry.
There were no major reports on the economic calendar Monday. The Treasury held auctions for three-month bills at a rate of 0.125% and six-month bills at a rate of 0.16%. The 10-year Treasury ended at a yield of approximately 0.665%.
In the S&P 500, materials and consumer discretionary led gains. In the S&P 100, the following stocks led gains:
- Boeing (BA, Financial) 17.84%
- Capital One Financial (COF, Financial) 17.34%
- Simon Property Group (SPG, Financial) 14.96%
- Raytheon Technologies (RTX, Financial) 14.94%
- American Express (AXP, Financial) 13.51%
- Mastercard (MA, Financial) 11.77%
- DuPont (DD, Financial) 11.01%
- Visa (V, Financial) 10.77%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,138.78 for a gain of 86.72 points or 8.24%. The S&P 600 closed at 674.65 for a gain of 52.30 points or 8.40%. The Dow Jones U.S. Small-Cap Growth Index closed at 7,666.28 for a gain of 582.90 points or 8.23%. The Dow Jones U.S. Small-Cap Value Index closed at 5,709.11 for a gain of 426.14 points or 8.07%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,444.56 for a gain of 106.61 points or 7.97%; the S&P 100 at 1,228.15 for a gain of 76.58 points or 6.65%; the Nasdaq 100 at 8,081.66 for a gain of 553.55 points or 7.35%; the Russell 3000 at 1,527.21 for a gain of 102.14 points or 7.17%; the Russell 1000 at 1,455.56 for a gain of 96.55 points or 7.10%; the Wilshire 5000 at 26,678.40 for a gain of 1,753.73 points or 7.04%; and the Dow Jones U.S. Select Dividend Index at 533.68 for a gain of 37.15 points or 7.48%.
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