Stocks jumped on Monday, sharp gains on optimism over the economy reopening.Posted on June 8, 2020
Stocks tied to the reopening of the economy led the gains once again in premarket trading. Airlines, retailers and cruise lines were higher. United was up 10%. Kohl’s added 6%. Shares of Carnival Corp. were up more than 16%.
The Dow surged 6.8% last week while the S&P 500 jumped 4.9%. The Nasdaq Composite climbed 3.4% and closed at record levels for the first time since Feb. 19. The tech-heavy Nasdaq was the first of the three major indexes to trade back at all-time highs since the coronavirus pandemic shuttered the global economy.
Through Friday’s close, the S&P 500 is down just 1.1% for the year. At one point this year, the broader market index was down 30%.
A large portion of those weekly gains came Friday, when equities skyrocketed on the back of a surprise surge in U.S. employment. The Labor Department said Friday the economy added 2.5 million jobs in May, a record. Economists polled by Dow Jones had forecast a drop of more than 8 million.