Reuters / Brendan McDermid
- US stocks rose on Monday as investor focus on continued economic-reopening progress offset spiking global coronavirus cases.
- Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset.
- New coronavirus cases have hit records in some US states and continue to increase globally.
- Read more on Business Insider.
US stocks rose on Monday, reversing earlier losses, as investor focus on continued economic-reopening progress offset spiking global coronavirus cases.
New cases have increased in the US as states reopen from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since May 1, according to Johns Hopkins University data.
Here’s where US indexes stood at the at 4 p.m. ET market close on Monday:
- S&P 500: 3,117.86, up 0.7%
- Dow Jones industrial average: 26,024.96, up 0.6% (154 points)
- Nasdaq composite: 10,056.47, up 1.1%
Global cases are also on the rise. The World Health Organization said on Sunday that new COVID-19 cases hit a single-day record. Still, US equities have erased nearly all their losses in recent weeks, putting the S&P 500 within 10% of its pre-coronavirus all-time high.
Gold climbed near its highest level since 2012 as investors piled into the asset amid fears of surging COVID-19 cases. Technology stocks led an afternoon rally, with Amazon, Adobe, and Square gaining. Stay-at-home stocks also rose, with Netflix, Zoom, and Peloton all notching new all-time highs in intraday trading.
Investors are still weighing mixed economic data to gauge the pace of the US economic recovery from the coronavirus-induced recession. Jobless claims continue to decline, and May retail sales showed a rebound following two months of record falls.
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US existing home sales in May slumped nearly 10% to the lowest level in nearly a decade, according to a report released Monday. Still, the National Association of Realtors thinks the data shows the bottoming out of the market and that next month sales will rebound.
Blackstone CEO Stephen Schwarzman is betting on a swift economic rebound from the shock of the coronavirus pandemic.
“You’ll see a big V in terms of the economy going up for the next few months because it’s been closed,” he said during the Bloomberg Invest Global virtual conference on Monday.
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