U.S. stocks recovered some of the losses from Friday's major sell-off setback. However, China's stocks have fallen as the nation's trading market opened after the extended Lunar New Year holiday.
Here are some coronavirus updates:
World Health Organization (WHO) director General Tedros Adhanom Ghebreyesus said on Monday that the world may be dangerously unprepared for the next pandemic that the coronavirus could bring. He advised that member countries join efforts in investing in preparedness, not panic.
China's Foreign Ministry accused the U.S. of setting a "very bad example" in its approach in handling the fast-spreading virus, stating that President Donald Trump's administration is only spreading fear. A ministry spokesperson said that it is unreasonable for countries around to temporarily bar entry to foreign nationals who had traveled to China within the past two weeks. Currently, the WHO has reaffirmed that there is no need to impose restrictions that interfere with international travel and trade.
Mohamed El-Erian, chief economic advisor at Allianz, advised investors against buying falling stocks on Monday, stating: "The coronavirus is different. It is big. It's going to paralyze China. It's going to cascade into the global economy. We should try and resist our inclination to buy the dip."
Here's how the market closed at the end of regular trading on Monday:
S&P 500 Index (NYSE: SPY): +0.73% or +23.40 points to 3,248.92
Dow Jones Industrial Average (NYSE: DIA): +0.51% or +135.49 points to 28,399.54
Nasdaq Composite Index (NASDAQ: QQQ): +1.34% or +122.47 points to 9,273.40
In Major Stock News, Tesla (NASDAQ: TSLA) is still charging forward, with the stock surging over the $700 mark for the first time. Nike (NYSE: NKE) shares rose over 3% after JPMorgan (NYSE: JPM) recommended buy the retailer's shares, calling it a "multi-year buying opportunity." PG&E (NYSE: PCG) shares climbed over 13% after the utility submitted an updated Chapter 11 bankruptcy plan. The company plans to enhance its safety structure, improve operations, and create a board and management team focused on providing safe, reliable, and clean energy.
In Stock Sector News, most sectors posted performance gains on Monday. Materials +2.14% lead the way after U.S. manufacturing posted its first expansion since July in January. Other performance gains include Information Technology +1.32%, Communication Services +1.27%, Health Care +0.93%, Consumer Discretionary +0.60%, Financials +0.60%, Utilities +0.33% and Real Estate 0.13%. Those that posted performance losses include Energy -1.34%, Industrials -0.04% and Consumer Staples -0.01%.
Lastly, in Commodity and Currency News, U.S. crude oil prices briefly declined below $50 per barrel for the first time since January 2019. As a whole, oil prices have begun to stabilize despite growing concern over the spread of the coronavirus. The Wall Street Journal reported earlier Monday morning that Saudi Arabia is considering a temporary but major oil production cut beyond the 1.7 million barrel-per-day OPEC had issued in December. West Texas Intermediate (NYSE: USO) fell over -3% and Brent Crude (NYSE: BNO) dropped almost 7%. Gold (NYSE: GLD) prices have also fallen on Monday, with the metal's share prices dropping -0.8%. Finally, the U.S. Dollar posted major gains, with the DXY Index increasing +0.41%.