Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020, at Wall Street in New York City.
JOHANNES EISELE | AFP via Getty Images
Dow Jones Industrial Average rises 91 points
Wall Street starts June on positive note, but risks remain
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.
‘Reopening trade’ leads market higher, Pfizer drops
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.
What happens next?
Zoom Video and Dick’s Sporting Goods are set to release earnings on Tuesday. Monthly auto sales data are also scheduled.
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Stocks closed higher to start the new month amid mounting bets on a successful economic reopening.