Markets

Here's what happened to the stock market on Monday

Trader Peter Tuchman and specialist trader Michael Pistillo wear DOW 29,000 hats on the floor at the New York Stock Exchange (NYSE) in New York, January 15, 2020.
Brendan McDermid | Reuters

Dow Jones Industrial Average rises 174 points

The Dow gained 174.31 points, or 0.60%, to close at 29,276.82. The S&P 500 gained 0.73% to end at 3,352.09. The Nasdaq Composite rose 1.13% to 9,628.39. Stocks rebounded as Amazon shares led other major tech shares higher. The S&P and Nasdaq closed at new highs.

Amazon record outweighs coronavirus fears

Amazon shares rose 2.63% to reach a record high, leading Alphabet and Netflix higher and pushing the Nasdaq to an all-time high. Those gains helped the major averages recover from a drop in early trading and offset concerns over how the coronavirus could impact the Chinese economy. More than 40,000 coronavirus cases have been confirmed while the death toll has topped that of the SARS outbreak in the early 2000s. Still, the major averages keep trading around record levels. However, other market indicators, such as oil and copper prices, continue to point to slower economic growth.

Tesla gains, FedEx pops

Tesla shares rose, gaining 3.10% on the session. FedEx, meanwhile, advanced 0.72% after an analyst at UBS upgraded the stock to buy from neutral.

What happens next?

Job openings data is set for release Tuesday morning. Investors will also watch out for Under Armour, Hasbro and Lyft earnings. Read more here.

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