Stocks rose higher on Monday as investors shook off last week's lows and poured back into technology and reopening trades that are set to benefit most of the U.S. economic recovery.
The Nasdaq outperformed the broader market as shares of Alphabet
Shares of reopening names like American Airlines
New coronavirus cases in the United States have declines to their lowest level since June 2020 as the nation gets ready for the Memorial Day holiday, which is regarded as the unofficial start to the summer season. The seven-day average of new infections dropped to about 26,000 as of Sunday, according to data from Johns Hopkins University.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Virgin Galactic shares rise on successful weekend flight test:
Virgin Galactic
Saturday's spaceflight test is the first of four tests the company needs to conduct before it can begin flying commercial customers. The next test plans to carry four passengers in the spacecraft's cabin, while the third expects to fly founder Sir Richard Branson into space.
Virgin Galactic shares are up over 19% in afternoon trade on Monday.
Dow and Nasdaq both soar over 200 points in afternoon trade:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Goldman Sachs starts Coinbase Global coverage with a Buy rating:
Goldman Sachs analyst Will Nance initiated the firm's coverage of Coinbase Global
Throughout last week and into the weekend, cryptocurrency volatility was showcased as popular coins like bitcoin, ethereum and others plunged from highs as Tesla
Nance believes Coinbase's ecosystem is set to only benefit from this choppy market as the company's growth is driven by increased adoption of cryptocurrencies by both retail and institutional investors. The firm highlights that while the continued success, or possible failure, of crypto as an asset will ultimately shape Coinbase's future, Nance believes that the stock "represents a blue-chip way" to invest in the development of the cryptocurrency ecosystem.
Separately, Coinbase announced on Monday that it has hired Goldman veteran Faryar Shirzad to become its Chief Policy Officer, set to help the company adapt to the ever evolving global regulatory landscape for digital currency transactions. Shirzad has previously served as Goldman's global co-head of its Office of Government Affairs as well as several U.S. government roles.
Here's how the market started trading after open:
S&P 500 Index: +0.52% or +21.49 points to 4,177.35
Dow Jones Industrial Average: +0.37% or +125.92 points to 34,333.76
Nasdaq Composite Index: +0.63% or +86.41 points to 13,555.65