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June 29, 2020, 4:12 p.m. EDT

Dow logs 580-point gain, surging into Monday's close as investors bet better economy despite rising coronavirus cases

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By Mark DeCambre

U.S. stocks on Monday climbed sharply to start a holiday-shortened week in which upbeat economic data helped to overcome a reversal of reopening plans from a number of U.S. states amid the outbreak of COVID-19. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.29% surged nearly 580 points, or 2.3%, at 25,596, powered predominantly by a gain in Boeing Co. /zigman2/quotes/208579720/composite BA -0.40% , after U.S. air-safety regulators said they would begin key flight tests for the 737 MAX, representing a key milestone for the fleet that has been grounded for months. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.20% rose 1.5% to 3,053, led by a 3.2% surge in industrials and a 2.1% rally in communication services. The technology laden Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.27% lagged behind on the day, but finished up 1.2% at around 9,874. The gains for the stocks came as economic data continued to surprise to the upside, with a report on pending home sales in May spiking 44.3%, compared with April, according to the National Association of Realtors. That beat expectations of a 15% rise. Sales were still 5.1% lower compared against the same time last year. That data helped to overcome weekend data that showed that coronavirus cases world-wide topped 10 million and deaths surpassing 500,000.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,896.72
-80.12 -0.29%
Volume: 364.41M
Aug. 13, 2020 5:10p
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/zigman2/quotes/208579720/composite
US : U.S.: NYSE
$ 174.73
-0.71 -0.40%
Volume: 22.96M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$99.03 billion
Rev. per Employee
$660,961
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.43
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,042.50
+30.27 +0.27%
Volume: 3.09M
Aug. 13, 2020 5:16p
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