Dow climbs for a 4th straight day as major economies move toward reopening
- US equities surged on Monday, extending gains from Friday's session as investors cheered economic reopening plans.
- New York Gov. Andrew Cuomo revealed the state's gradual recovery plan on Sunday, issuing a positive signal for the US's coronavirus hotspot.
- Oil missed out on the market upswing, sliding as much as 28% amid continued stress on global storage and accelerated production cuts.
- Watch major indexes update live here.
US stocks climbed Monday as global economic reopening plans fueled fresh investor optimism.
All three major indexes climbed for the second day in a row after states including Alaska, South Carolina, Georgia, and Texas began the first phases of business reopenings. The Dow Jones industrial average rose for a fourth consecutive session.
New York Gov. Andrew Cuomo revealed the state's gradual recovery plan on Sunday, adding that the US's virus hotspot has mostly contained the outbreak.
"Short term, the numbers are on the decline. Everything we have done is working," Cuomo said, adding people shouldn't be "getting too far ahead of ourselves."
Here's where major US indexes stood shortly after the 9:30 a.m. ET market open on Monday:
- S&P 500: 2,857.69, up 0.7%
- Dow Jones industrial average: 23,884.39, up 0.5% (109 points)
- Nasdaq composite: 8,714.34, up 0.9%
Spain, Italy, and France all made early moves to reboot their economies after data showed coronavirus deaths slowing further in the eurozone.
The positive news did little to buoy the ailing oil market. West Texas Intermediate crude contracts slipped as much as 28% to $12.28 per barrel, slammed by growing fear of a global storage crisis. US firms have already slowed drilling activity to prop up the market, while Saudi Arabia accelerated production cuts originally intended for May 1.
Brent crude tumbled as much as 8% to $19.76 per barrel.
Monday's gains follow a similarly fruitful Friday session. Equities closed about 1.5% higher to end the week, driven by an oil market upswing and soaring tech stocks.
The week is poised to deliver a range of macroeconomic data releases and economic policy updates. The Federal Reserve, European Central Bank, and Bank of Japan are all scheduled to hold monetary policy meetings and issue updates on how they plan to further fight the coronavirus's economic fallout.
Quarterly earnings reports from Amazon, Apple, Boeing, and Visa throughout the week will further detail the pandemic's hit to corporate performance.
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Oil slumps 26%, ending 3-day winning streak as global oversupply outweighs production cuts