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 (DOW:DJIA) surged nearly 580 points, or 2.3%, at 25,596, powered predominantly by a gain in Boeing Co. (NYS:BA) , 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 (S&P:SPX) 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 (AMERICAN:COMP) 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.
June 29, 2020, 4:12 p.m. EDT