As the number of new coronavirus cases in the U.S. appeared to slow down, a stock rally surged on Monday, rebounding from sharp losses in the previous week.
Shares of Apple are up 21.04, a nearly 9% gain on the day, to $262.45. One year ago, Apple closed at $197.51 – a gain of nearly $65 per share despite the global COVID-19 pandemic. That’s strength.
The Dow Jones Industrial Average traded 1,311 points higher, or more than 6%. The S&P 500 gained 6% along with the Nasdaq Composite.
Investors were encouraged by data that shows a slowing in the number of daily U.S. coronavirus cases, although it is still early to determine a lasting trend. There were about 30,000 new cases on Thursday, 32,100 cases on Friday, 33, 260 cases on Saturday, and then a slowing to just 28,200 new cases Sunday, according to the latest data from Johns Hopkins.
The Trump administration also noted on Sunday there are signs of stabilization in hospital rates, helping to lift Wall Street sentiment on Monday. Meanwhile, New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths. “Incoming data suggests NY state might peak sooner than Cuomo’s optimistic case,” Tom Lee, head of research at Fundstrat, said in a note to clients.
A marked slowing increase in death rates and new infections in the hardest-hit countries, such as Italy and Spain, has sparked some positive momentum in global equities, with Europe’s Stoxx 600 jumping 3.7%. The S&P 500 has also bounced more than 18% from a low set on March 23. The Dow has rebounded over 20% since then.
MacDailyNews Take: The rollercoaster continues. Hopefully we’re turning a corner on this thing. That hope is the impetus of today’s stock rally.