S&P 500 turns positive for the year, Dow Jones Industrial Average jumps 461 points

The Dow rallied 461.46 points, or 1.70%, to close at 27,572.44. The S&P 500 climbed 1.20% to 3,232.39, wiping out its 2020 loss and turning slightly positive for the year. The Nasdaq Composite advanced 1.13% to 9,924.75. Stocks rose broadly on Monday, building on the sharp gains from last week.

 

Reopening optimism gains even more steam

New York City — once the epicenter of the coronavirus pandemic — kicked off its reopening process on Monday. The news comes as several metrics point to increasing restaurant bookings, hotel occupancy rates rising along with driving around the country. “What is clearly happening is the excitement of reopening is allowing a lot of these companies that have been casualties of Covid to come back and come back in force, ” said Stanley Druckenmiller, chairman and CEO of the Duquesne Family Office, on CNBC’s “Squawk Box.”

 

Airlines and cruises lead the gains, stay-at-home trade lags

Shares of Delta and United gained 8.23% and 14.84%, respectively, as optimism around the economic reopening made travel stocks more attractive. Cruise line operators Carnival and Norwegian Cruise Line advanced 15.81% and 19.75%, respectively. Netflix — a stock that benefited from people staying at home — slid 0.3%.

SOURCE : https://www.cnbc.com/2020/06/08/what-happened-to-the-stock-market-monday-reopening-optimism-gains-even-more-steam.html