Traders work during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images
Dow Jones Industrial Average rises 153 points
The Dow gained 153.50 points, or 0.59%, to close at 26,024.96. The S&P 500 advanced 0.65% to 3,117.86. The Nasdaq Composite closed 1.11% higher at 10,056.47. The major averages kicked off the week with solid gains, building on last week’s advances.
Big Tech pushes stocks higher
Apple shares rose 2.62%, hitting an all-time high, after a Cowen analyst raised his price target on the stock to $400 per share from $335. Microsoft climbed 2.78% and was also among the biggest gains contributors in the Dow. Amazon gained 1.45% and Netflix advanced 3.16%.
Coronavirus concerns linger
Cases in the U.S. and across the globe continue to spike as the world economy tries to reopen. Casino stocks — which stand to directly benefit from the economy reopening — were under pressure throughout Monday’s session. “Investors are using the market as a proxy for getting back to normal,” says one portfolio manager. “If too many people get sick, they’re going to shut down parts of the economy and the market will react.”
What happens next?
New home sales data are set for release Tuesday.
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The major averages kicked off the week with solid gains, building on last week’s advances.