Nuveen chief equity strategist Bob Doll on market reaction to the coronavirus, the next stimulus bill, inflation and the presidential election.

U.S. equity markets ralliedMonday, closing near the highs of the session, as President Trump discussed progress on a coronavirus vaccine and Republicans readied their $1 trillion stimulus bill.

The Dow Jones Industrial Average added 114points, or 0.43percent, while the S&P 500 and the Nasdaq Composite were higher by 0.74percent and 1.67percent, respectively.

Trump, speaking during the final hour of trading at theBioprocess Innovation Center at Fujifilm Diosynth Biotechnologies, noted the swift progress being made inthe race for a coronavirus vaccine.

Earlier in the session, Moderna announced the beginning of a Phase 3 trial for its experimental COVID-19 vaccine. Novavax also rose in tandem.

Along with the progress on a vaccine,Senate Majority Leader Mitch McConnell, R-Ky., is set to unveil his $1 trillioncoronavirus relief proposal, which reduces the recently expired unemployment benefits, sends a $1,200 check to Americans making less than $75,000 a year and provides billions of dollars of aid to schools and universities. Congress has just one week before a planned recess to bridge the gap between the Republican plan and the $3 trillion package passed by House Democrats in May.

MAGA STOCKS' CORONAVIRUS SURGE SPURS DOTCOM BUBBLE FLASHBACKS

Investors shrugged off developments overnight which sawthe U.S. consulate in Chengdu, China, shuttered as Beijing retaliated for last weeks closing of its Houston consulate.

Escalating tensions between the U.S. and China and the U.S. dollar sliding to its lowest level since September 2018 helped propel gold prices to record highs.

Gold futures for July delivery climbed 1.78 percent to close at a record-high $1,931 per ouncewhile silver gained 7.3 percentto $24.476, a level last seen in August 2013.

Miners, including Barrick Gold Corp., Newmont Corp. and Pan American Silver Corp., benefited from surging gold and silver prices.

DraftKings was pressured lower after two MLB games were postponed after at least 13 members of theMiami Marlins organization were diagnosed with COVID-19.

Southwest Airlines Co. CEO Gary Kelly sent a letter to employees indicating the company has no plans to lay off or furlough workers, cut pay or reduce benefits through at least the end of 2020.

Elsewhere, Software giant SAP SE plans to spin-off Qualtrics less than two years after purchasing the software-survey provider for $8 billion.

Looking at earnings, Hasbro Inc. lost $33.9 million in the three months through June as supply-chain disruptions and store closing made it difficult for the toy maker to meet consumer demand.

Albertsons Companies Inc. reported quarterly revenue spiked 21 percent from a year ago to $22.75 billion, just shy of the $22.79 billion that was expected. Meanwhile, adjusted earnings of $1.35 a share topped the $1.32 consensus. The report was the grocers first since going public in June.

Looking at oil, West Texas Intermediate crude gained 31cents to $41.60a barrel.

On the data front, durable goods orders rose 7.3 percent month-over-month, outpacing the 7 percent increase that was expected. However, durable goods excluding transportation was up 3.3 percent MoM, missing the 3.6 percent gain that analysts were anticipating.

U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.609 percent.

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In Europe, Germanys DAX was little changed while Britains FTSE and Frances CAC were off 0.31percent and 0.34 percent, respectively.

Asian markets finished mixed with Chinas Shanghai Composite adding 0.27 percent while Hong Kongs Hang Seng fell 0.41 percent and Japans Nikkei lost 0.16 percent.

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Stocks jump on coronavirus vaccine progress, $1T stimulus package in the works - Fox Business