U.S. stocks took a surprising turn towards more positive territory on Monday, with the Dow Jones leading the way with an over 1,000 point climb. But this is not the end to market volatility from the coronavirus. Investors beginning to fear the virus's potential long-term impact on the global economy as businesses and supply chains are continuing to be interrupted.
According to a joint report from IHS Markit and JP Morgan (JPM ), the global manufacturing sector has contracted its most since 2009 due to supply chain, trade and demand disruptions from the spreading coronavirus.
Here's how the stock market closed to start out the week:
S&P 500 Index (SPY ): +4.61% or +136.30 points to 3,090.52
Dow Jones Industrial Average (DIA ): +5.20% or +1,296.81 points to 26,706.17
Nasdaq Composite Index (QQQ ): +4.49% or +384.80 points
In Major Stock News, Apple (AAPL ) rallied 9%, becoming the second-best performer for the Dow Jones, after Oppenheimer upgraded the stock to outperform, calling it a "recurring revenue machine." Shares of the social media giant Twitter (TWTR ) also rallied almost 8% following news that Elliott Management founder Paul Singer is seeking to replace Twitter CEO Jack Dorsey. Co-Diagnostics (CODX ) stock shares grew almost 35% on the news that the company will provide coronavirus tests to laboratories in the U.S. JD.com (JD ) rose more 12% than after the Chinese online retailer announced that it expects a revenue boost in its first quarter from increased home deliveries in China.
In Stock Sector News, sectors skyrocketed with the market. Utilities lead the way with a performance gain of +5.86%, followed by Information Technology +5.70%, Consumer Staples +5.48%, Real Estate +5.05%, Financials +4.87%, Health Care +4.83%, Materials +4.15%, Communication Services +3.59%, Consumer Discretionary +3.50%, Energy +2.95% and Industrials +2.30%.
Lastly, in Commodity and Currency News, oil prices skyrocketed with the market boost. West Texas Intermediate (USO ) climbed almost 5% and Brent Cruse (BNO ) jumped +4.55%, but barrel prices are still hovering around $50. Gold (GLD ) also saw performance growth on Monday, with the yellow metal increasing +0.25%. Finally, the U.S Dollar (UUP ) lost some strength Monday, as the DXY Index dropped -0.45%.
