Dow Jones Industrial Average rises 358 points
The Dow gained 358.51 points, or 1.51%, to close at 24,133.78. The S&P 500 rose 1.47% to 2,878.48. The Nasdaq Composite advanced 1.11% to 8,730.76. Stocks rallied as investors mulled the possibility of re-opening the economy after the coronavirus outbreak.
States re-open economies
States, including Alaska, Georgia, South Carolina, Tennessee and Texas, are beginning to allow restaurants and other establishments to serve customers. New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The gradual re-opening of the economy lifted market sentiment, but DoubleLine's Jeffrey Gundlach urged investors to be careful in this environment. "People don't understand the magnitude of ... the social unease at least that's going to happen when ... 26 million plus people have lost their job. We've lost every single job that we created since the bottom in 2009."
Casino and retail stocks rally along with banks
Casino, retail and bank stocks led the way higher on Monday. Las Vegas Sands and MGM Resorts advanced 5.94% and 9.25%, respectively. Gap climbed 12.9% while Kohl's advanced 17.72%. JPMorgan Chase was among the best-performing Dow stocks, gaining 4.31%. Bank of America and Citigroup rose 5.82% and 8.03%, respectively.
What happens next?
PepsiCo, 3M, Caterpillar and Alphabet are among the companies set to report earnings on Tuesday. Consumer confidence numbers are scheduled for release.
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