Here’s what happened to the stock market on Monday

GP: NYSE traders -ECONOMY-NYSE - 106448863

Dow Jones Industrial Average rises 153 points

The Dow gained 153.50 points, or 0.59%, to close at 26,024.96. The S&P 500 advanced 0.65% to 3,117.86. The Nasdaq Composite closed 1.11% higher at 10,056.47. The major averages kicked off the week with solid gains, building on last week’s advances.

Big Tech pushes stocks higher

Apple shares rose 2.62%, hitting an all-time high, after a Cowen analyst raised his price target on the stock to $400 per share from $335. Microsoftclimbed 2.78% and was also among the biggest gains contributors in the Dow. Amazon gained 1.45% and Netflix advanced 3.16%.

Coronavirus concerns linger

Cases in the U.S. and across the globe continue to spike as the world economy tries to reopen. Casino stocks — which stand to directly benefit from the economy reopening — were under pressure throughout Monday’s session. “Investors are using the market as a proxy for getting back to normal,” says one portfolio manager. “If too many people get sick, they’re going to shut down parts of the economy and the market will react.”

What happens next?

New home sales data are set for release Tuesday.

Reference: Cnbc

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