Markets

Here's what happened to the stock market on Monday

Share
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, April 26, 2020.
Jeena Moon | Reuters

S&P 500 turns positive for the year, Dow Jones Industrial Average jumps 461 points

The Dow rallied 461.46 points, or 1.70%, to close at 27,572.44. The S&P 500 climbed 1.20% to 3,232.39, wiping out its 2020 loss and turning slightly positive for the year. The Nasdaq Composite advanced 1.13% to 9,924.75. Stocks rose broadly on Monday, building on the sharp gains from last week.

Reopening optimism gains even more steam

New York City — once the epicenter of the coronavirus pandemic — kicked off its reopening process on Monday. The news comes as several metrics point to increasing restaurant bookings, hotel occupancy rates rising along with driving around the country. "What is clearly happening is the excitement of reopening is allowing a lot of these companies that have been casualties of Covid to come back and come back in force, " said Stanley Druckenmiller, chairman and CEO of the Duquesne Family Office, on CNBC's "Squawk Box."

Airlines and cruises lead the gains, stay-at-home trade lags

Shares of Delta and United gained 8.23% and 14.84%, respectively, as optimism around the economic reopening made travel stocks more attractive. Cruise line operators Carnival and Norwegian Cruise Line advanced 15.81% and 19.75%, respectively. Netflix — a stock that benefited from people staying at home — slid 0.3%.

What happens next?

Job openings data and small-business optimism number are set for release Tuesday. Chewy, GameStop and Tiffany are also scheduled to report earnings.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.