Markets

Here's what happened to the stock market on Monday

The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in New York, on May 26, 2020.
Tayfun Coskun | Anadolu Agency via Getty Images

Dow Jones Industrial Average rises 378 points

The Dow climbed 378.13 points, or 1.35%, to close at 28,308.46. The S&P 500 advanced 1% to 3431.28, closing above 3400 for the first time. The Nasdaq Composite rose 0.6% to end the day at 11,379.72. A combination of optimism around coronavirus treatments and vaccines and even more gains in Apple drove the S&P 500 and Nasdaq to fresh record levels.

Daily Covid-19 cases fall

Since spiking to more than 64,000 cases earlier this month, the number of new daily infections in the U.S. has not topped 49,000, according to Johns Hopkins University. On Sunday, there were less than 37,000 new confirmed cases, the data showed. "The US is soon becoming one of the safest places in the World. And if this is true, capital will also want to seek the US," which means "stocks rise further," said Tom Lee, head of research at Fundstrat Global Advisors.

Apple hits record, airlines and cruise operators rise

Apple shares rose 1.2% to hit an all-time high. Shares of Delta and American Airlines rose by 9% and 10%, respectively. Cruise operators Carnival and Norwegian Cruise Line were both up by more than 7%.

What happens next?

Consumer confidence data and new home sales numbers are set for release Tuesday.

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