Stocks closed sharply higher on Monday, led by strong gains in the tech sector, as Wall Street built on the momentum from last week's solid performance and shook off a continued rise in coronavirus cases.<\/p>\n
The Dow Jones Industrial Average rose 459.67 points, or 1.8%, to 26,287.03. The S&P 500 popped 1.6% to end the day at 3,179.72. The Nasdaq Compositehit an all-time high, surging 2.2% to 10,433.65.<\/p>\n
There were a few reasons for the bullish lift to start the week:<\/p>\n
\"The economy is doing a lot better than most of the economists think,\" said Jeff Saut,chief investment strategist atCapital Wealth Planning, to CNBC's \"Squawk Box\" on Monday. \"We may stall here for a while into the fall, into September, October, November, but I think you're going to get a rocket ship coming in the fall of this year...I think the S&P 500 is going to trade above 4,000.\"<\/p>\n
Monday's gains came even asthe number of coronavirus cases kept surging globally, raising concerns about the world economy and its recovery from the pandemic.<\/p>\n
The World Health Organization said Saturday that more than 200,000 coronavirus cases were confirmed over a 24-hour span, a record. At a regional level, the biggest spike was seen in the Americas, where nearly 130,000 new cases were confirmed.<\/p>\n
In the U.S., coronavirus-related hospitalizations grew in more than 20 states, including, Florida, Texas, Arizona and Georgia.<\/p>\n
\"We are currently experiencing a spike in Covid-19 cases, particularly in the sunbelt states that were in the vanguard of loosening social distancing restrictions to facilitate the reopening of their economies,\" said Marc Chaikin, CEO of Chaikin Analytics, in a post.<\/p>\n
\"That reopening momentum has been halted by the spike in Covid-19 cases and the temptation to translate this into a bearish outlook for stocks is strong,\" he added. \"Fatalities have not spiked, however, but are a lagging indicator. Thus the next two weeks are critical for a number of reasons.\"<\/p>\n
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Dow gains more than 400 points after big tech rally, Amazon and Netflix hit records - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Stocks closed sharply higher on Monday, led by strong gains in the tech sector, as Wall Street built on the momentum from last week's solid performance and shook off a continued rise in coronavirus cases. The Dow Jones Industrial Average rose 459.67 points, or 1.8%, to 26,287.03. The S&P 500 popped 1.6% to end the day at 3,179.72 Continue reading