As investors prepared for a busy earnings week while turning a hopeful eye toward several U.S. states begin to relax shutdown restrictions that were instituted in order to curb the spread of the COVID-19 pandemic and reopen for business, Wall Street advanced on Monday.
All three major U.S. stock averages gained more than 1%, having clawed back much of the ground lost since the coronavirus crisis brought the economy to a grinding halt.
The indexes are all now within 20% of their record closing highs reached in February, with the benchmark S&P 500 on track for its best month since 1987, after trillions of stimulus dollars helped U.S. equities recover from March lows.
Several states have begun easing shutdowns, and market participants will closely monitor whether a second wave of infections will hinder efforts to revive economies and get Americans back to work following crushing job losses… Economists expect the U.S. economy to have shrunk in the first quarter at a 4% annualized rate. The Commerce Department is due to release its first take on first-quarter GDP on Wednesday.
A spate of high-profile earnings is expected this week, including Caterpillar Inc, Alphabet Inc, Boeing Co, Facebook Inc, Apple Inc, Amazon.com Inc, and others.
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