Stocks surge 1,600 points on hopes coronavirus is stabilizing

Home Depot closing at 6 p.m. local time due to COVID-19


U.S. stocks posted their best day in nearly two weeks Monday on signs of a slowdown in coronavirus deaths and new cases in some of the hardest-hit areas throughout the world.

The Dow Jones industrial average jumped 1,627.46 points to close at 22,679.99. The Standard & Poor’s 500 rose 7% to end at 2,663.68, its best percentage gain since March 24 after recording a third week of losses in the past four on Friday. All 11 sectors in the broad index were higher, led by gains in the technology, utility and materials sectors. 

Global markets stabilized overnight as the number of people dying appears to be slowing in New York City, Spain and Italy, news that was cautiously welcomed by leaders. But they noted that any gains could easily be reversed if people didn’t continue to adhere to strict lockdowns.

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