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US stocks jumped Monday as investors cheered signs that parts of Europe and the US are starting to thaw their economies after freezing them to fight the coronavirus. The Dow Jones industrial average climbed as much as 156.07 points, or 0.6 percent, at the open as European countries and US states began to loosen lockdown …
US stocks jumped Monday as investors cheered signs that parts of Europe and the US are starting to thaw their economies after freezing them to fight the coronavirus.
The Dow Jones industrial average climbed as much as 156.07 points, or 0.6 percent, at the open as European countries and US states began to loosen lockdown measures meant to stop the virus from spreading. The S&P 500 and the Nasdaq Composite also posted early gains as large as 0.8 and 0.9 percent, respectively.
The boost came after Europe’s two hardest-hit coronavirus hotspots — Italy and Spain — outlined plans to lift strict restrictions on movement, which appeared to give investors hope that the wheels of the global economy will start turning again before too long. Spain plans to let adults exercise outdoors starting Saturday if its outbreak continues to wane, while Italy said it would let factories reopen next week.
“There’s still quite a hefty cloud of uncertainty hanging over the global economy, but the picture is far improved from a month or two ago and we now have a better idea of the where we stand and what lies ahead,” Craig Erlam, senior currency analyst at OANDA, wrote in a commentary.
The fact that some US states are also ending lockdowns — such as Georgia, Florida and Michigan — is a “positive catalyst” for the stock market even though others remain hesitant, according to Quincy Krosby, chief market strategist for Prudential Financial.
“Market participants are looking towards the ‘other side,’” Krosby said.
With Post wires
