The Dow climbed 143.78 points, or 0.5%, to close at 28,399.81. The S&P 500 gained 0.7% to end the day at 3,248.92. The Nasdaq Composite advanced 1.3% to 9,273.40. Stocks rebounded slightly from Friday’s sharp sell-off, but investors are not ready to sound the all-clear just yet.
The major averages cut into some of Friday’s losses, led by sharp moves higher in shares of Nike and Tesla. Better-than-expected manufacturing data from the Institute of Supply Management also gave the market a boost. However, investors are still wary as the number of coronavirus cases keeps rising. The death toll in China from the coronavirus reached 361 on Sunday, surpassing that of the SARS virus which lasted from 2002 to 2003. The Dow, S&P 500 and Nasdaq all pared gains in midday trading after Carnival confirmed one of its guests tested positive for coronavirus six days after leaving one of its ships. Bottom line: While the Wall Street welcomed Monday’s gains, it does not mean investors are ready to look past the coronavirus as a negative catalyst.