- US
stocks rose on Monday, paring earlier losses as investors focused on increasing global coronavirus cases and continued economic-reopening progress. Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset.- New coronavirus cases have hit records in some US states and continue to increase globally.
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US stocks rose on Monday, paring losses from earlier in the day, as investors weighed increasing global coronaviruses cases against economic-reopening progress.
New cases have increased in the US as states reopen from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since May 1, according to Johns Hopkins University data.
Here's where US indexes stood at 2:30 p.m. ET on Monday:
- S&P 500: 3,114.58, up 0.53%
- Dow Jones industrial average: 25,978.12, up 0.41% (107 points)
- Nasdaq composite: 10,036.11, up 0.91%
Global cases are also on the rise. The World Health Organization said on Sunday that new COVID-19 cases hit a single-day record. Still, US equities have erased nearly all their losses in recent weeks, putting the
Gold climbed near its highest level since 2012 as investors piled into the asset amid fears of surging COVID-19 cases. Stocks tied to the economic reopening were mixed in early trading — airlines declined, but retailers such as Gap gained.
Technology stocks led the broader market higher later in the day, with shares of Amazon, Adobe, and Square gaining. Stay-at-home stocks also rose, with Netflix, Zoom, and Peloton all notching fresh all-time highs in intraday trading.
Investors are still weighing economic data to gauge the pace of the US economic recovery from the coronavirus-induced recession.
US existing home sales in May slumped nearly 10% to the lowest level in nearly a decade, according to a report released Monday. Still, the National Association of Realtors thinks the data shows the bottoming out of the market and that next month sales will rebound.
Oil prices slid. West Texas Intermediate crude fell as much as 1.6%, to $39.12 a barrel, while Brent crude, the international benchmark, declined 1.5%, to $41.58 per barrel, at intraday lows.