Dow Jones Industrial Average surges 250 points
The Dow rallied 250.62 points, or 0.9%, to close at 28,837.52. The S&P 500 jumped 1.6% to 3,534.22. The Nasdaq Composite advanced 2.6% to 11,876.26 for its best day since September. Tech shares rallied on Monday to lead the broader market higher.
Apple pops ahead of iPhone launch
Apple jumped 6.4% as investors looked ahead to a key event for the company. On Tuesday, Apple is expected to unveil its first 5G iPhone. History shows Apple shares usually outperform the broader market after an iPhone launch. Facebook and Amazon advanced 4% each.
Stimulus talks continue
Monday’s rally came even as chances for another round of stimulus before the election appeared to dim over the weekend. Both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a $1.8 trillion offer from the White House. Despite the impasse, Morgan Stanley’s Mike Wilson thinks “there’s enough stimulus in the pipeline for now to kind of get us through year-end.”
What happens next?
The corporate earnings season is set to kick off on Tuesday as JPMorgan Chase, Citigroup and Delta Airlines release their latest quarterly results.
SOURCE : https://www.cnbc.com/2020/10/12/what-happened-to-the-stock-market-on-monday-tech-sparks-big-rally.html