People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
Spencer Platt | Getty Images
Dow Jones Industrial Average rises 529 points
The Dow surged 529.95 points, or 2.17%, to close at 24,995.11. The S&P 500 gained 1.23% to end the day at 2,991.77. The Nasdaq Composite advanced 0.17% to 9,340.22 . Stocks rallied to levels not seen since March as investors cheered the reopening of the economy and mounted bets on a potential coronavirus vaccine.
Reopening, vaccine hopes spark massive rally
‘Reopening’ trade leads market higher
Shares of companies that benefit from the economy reopening led the broader market higher. Carnival shares gained 12.59% while MGM Resorts advanced 11.01%. United Airlines and Southwest rose 16.26% and 12.64%, respectively. Bank stocks such as JPMorgan Chase and Citigroup rose more than 7% each while Wells Fargo advanced 8.65%.
What happens next?
Weekly mortgage applications data, along with the Federal Reserve’s Beige Book, are set for release Wednesday.
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Stocks rallied to levels not seen since March as investors cheered the reopening of the economy and mounted bets on a potential coronavirus vaccine.