Wall Street’s enthusiasm about the reopening economy sent stocks scrambling even higher on Monday, and the Nasdaq composite wiped away the last of its coronavirus-induced losses to set a record. The S&P 500, which dictates how more 401(k) accounts perform, climbed back within 4.5% of its own record as optimism strengthens that the worst of the recession may have already passed, the AP reports. Stocks that would benefit most from an economy that’s growing again rose the most, including smaller companies, airlines and oil producers.
The S&P 500 rallied 38.46 points, or 1.2%, to 3,232.39 and is at its highest level since February, which a panel of economists said on Monday is the month when the recession officially began. That’s when employment set a peak before tumbling after businesses shut down across the country to slow the outbreak. The Dow Jones Industrial Average rose 461.46, or 1.7%, to 27,572.44. The Nasdaq composite, which is more heavily weighted to the big technology stocks that held up the best earlier this year, gained 110.66, or 1.1%, to 9,924.74 and is now up more than 10% for the year.
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