Markets

Here's what happened to the stock market on Monday

A nearly empty trading floor is seen as preparations are made for the return to trading at the New York Stock Exchange (NYSE) in New York, U.S., May 22, 2020.
Brendan McDermid | Reuters

Dow Jones Industrial Average jumps 459 points

The Dow rallied 459.67 points, or 1.78%, to close at 26,287.03. The S&P 500 gained 1.59% to end the day at 3,179.72. The Nasdaq Composite advanced 2.21% to 10,443.65. Sharp gains in tech led the major averages higher to start the week.

Amazon, Netflix hit record highs

Amazon rose 5.77% to break above the $3,000 level for the first time. Netflix also hit an all-time high, jumping 3.55%. Microsoft also contributed to Monday's rally with a 2.15% gain. Alphabet shares advanced 2.02%.

Coronavirus cases keep rising

Monday's gains came even as the number of coronavirus cases kept surging globally, raising concerns about the world economy and its recovery from the pandemic. The World Health Organization said Saturday that more than 200,000 coronavirus cases were confirmed over a 24-hour span, a record. At a regional level, the biggest spike was seen in the Americas, where nearly 130,000 new cases were confirmed. In the U.S., coronavirus-related hospitalizations grew in more than 20 states, including, Florida, Texas, Arizona and Georgia. 

What happens next?

Job openings data are set for release Tuesday morning.

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