Stocks shook off Friday's losses and rose throughout Monday's session as investors were encouraged by President Donald Trump's improving health following his COVID-19 diagnosis and more positive progress made towards passing new U.S. coronavirus fiscal stimulus.
White House physician Dr. Sean Conley confirmed on earlier tweet made by Trump that stated he would be discharged from Walter Reed Medical Center at 6:30 p.m. on Monday. Conley stated during a press conference that Trump has been responding well to treatment, but his ultimate recovery still depends on additional care given after he returns to the White House.
Trump's team of doctors revealed over the weekend that he had been treated with a mix of Gilead Science's
Meanwhile, the Institute for Supply Management's September services purchasing mangers' index rose above pre-pandemic levels to a reading of 57.8 for the month. This was up from August's reading of 56.9 and the index's February's reading of 57.3. The positive reading indicts recovery in the largest part of the U.S. economy.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, Regal Cinemas parent Cineworld
For Sector Performance, every industry gained amid the renewed market optimism. The positive sector performance was as follows: Energy +2.90%, Information Technology +2.27%, Health Care +2.09%, Materials +1.92%, Industrials +1.63%, Communication Services +1.63%, Consumer Discretionary +1.60%, Financials +1.57%, Utilities +1.26%, Consumer Staples +0.77% and Real Estate +0.60%.
For Commodities and Currency, the U.S. Dollar
The stability of the market currently relies on the health of President Trump and the stasis of the coronavirus relief package. On Tuesday, market participants will also turn their attention on fresh data on U.S. job openings, with consensus economists excepting a reading of 6.6 million positions.