Stock market snaps two-day slump, lifted by Apple, Microsoft, and Amazon

Amid the beginning of reopening part of the economy due to the COVID-19 pandemic, the U.S. stock market ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns sparked by fresh U.S.-China trade concerns. Major U.S. indexes opened lower, but recovered and increased throughout the afternoon to snap two-day losing streaks.

Stock marketLewis Krauskopf for Reuters:

Stocks have rebounded sharply since late March from the coronavirus-fueled sell-off, helped by massive monetary and fiscal stimulus. Investors are now focused on the impact from a number of states easing restrictions designed to stop the outbreak in order to aid their economies.

The Dow Jones Industrial Average rose 26.07 points, or 0.11%, to 23,749.76, the S&P 500 gained 12.03 points, or 0.42%, to 2,842.74 and the Nasdaq Composite added 105.77 points, or 1.23%, to 8,710.72.

Gains in Microsoft, Apple and Amazon were the biggest lifts for the S&P 500, following mixed reaction last week to reports from big tech names.

A flare-up in U.S.-China tensions presents another challenge to the stock market. Secretary of State Mike Pompeo said on Sunday there was “a significant amount of evidence” that the new coronavirus emerged from a Chinese laboratory.

MacDailyNews Take: Green is good.

1 Comment

  1. Don’t get cocky. AAPL is in pretty good shape what with a pile of cash, services and other revenue streams. Still, markets are not out of the woods just yet.

    Looking forward to the next quarterly report.

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