Wall Street stocks shook off early weakness and finished higher Monday as fresh Federal Reserve announcements of emergency lending offset revived worries about coronavirus cases. A day earlier, the Dow plunged 1,861 points.
The Dow edged lower while Nasdaq was up 0.6%, helped by Tesla Inc, Nvidia Corp and Zoom Video Communications.
The drops put Wall Street on pace to continue last week's losses amid concerns about new cases of the virus in the U.S. and overseas, which could jeopardize the economic reopening that had helped fuel the market's recent rally. Florida is seeing an average of more than 1,600 new cases per day, and Arizona and North Carolina are experiencing an average of more than 1,200 new cases per day.
The benchmark S&P 500 index was once again below its closely watched 200-day moving average, after skirting around that level late last week. But, a dismal economic outlook from the U.S. Federal Reserve and jitters over a resurgence in coronavirus cases sent the Wall Street's main indexes for their worst week since March.
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The Dow Jones Industrial Average rose 563.52 points, or 2.19 percent, at the open to 26,326.68. S&P 500 e-minis were up 59.5 points, or 1.94% and Nasdaq 100 e-minis were up 155.25 points, or 1.58%.
In contrast, the small-cap Russell 2000 climbed about 1.2%.
All major S&P sectors were lower with the economically-sensitive energy, financials and materials posting the biggest percentage declines. The CBOE volatility index, a gauge of investor anxiety, eased after jumping to a near two-month high of 44.44. Fed chair Jerome Powell is set to speak before Congress on Tuesday and Wednesday. A report said Israel is in advanced talks to buy its coronavirus vaccine, which is entering the final stage of testing.
The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 46 new highs and 10 new lows.