The Dow gained 91.91 points, or 0.36%, to close at 25,475.02. The S&P 500 advanced 0.38% to 3,055.73. The Nasdaq Composite climbed 0.66% to 9,552.05. Stocks closed higher to start the new month amid mounting bets on a successful economic reopening.
The market picked up right where it left off, building on the strong gains from April and May. "Equity markets continue to display remarkable resilience in the face of a constant barrage of troubling developments, with investors continuing to focus on the positive signs of reopening," says one analyst. However, investors still face several risks, including that of a second wave of coronavirus and protests across the U.S., both of which can derail the recent optimism about the economic recovery.
Shares of companies that benefit from the economy reopening led Monday's gains. United Airlines, Delta and American all rose at least 3.8%. Cruise line operators such as Carnival and Royal Caribbean advanced 6.73% and 7.27%, respectively. Pfizer shares, meanwhile, dropped 7.15% after the company reported disappointing results for a breast-cancer drug trial.