Stocks rose on Monday, building on a strong rally from last week as the U.S. extends measures to contain the coronavirus outbreak.
The Dow Jones Industrial Average was up 500 points, or 2.2%. The S&P 500 climbed 2.4% while the Nasdaq Composite traded 2.9% higher. Tech stocks such as Microsoft, Alphabet and Amazon led the way higher for Wall Street. Microsoft jumped more than 5% while Alphabet and Amazon climbed 2.6% and 3.6%, respectively.
President Donald Trump said at a news conference Sunday the national social distancing guidelines have been extended to April 30, adding the death rate from the virus would peak in two weeks. These measures, while they may cause a sharp economic disruption in the near term, are seen by some investors as preventing long-term damage to the economy.
Sentiment was also lifted after Johnson & Johnson said it identified a lead vaccine candidate for the coronavirus. The company noted that human testing on the potential vaccine will begin in September. J&J shares climbed 7.6%.
Source : CNBC