Here’s what happened to the stock market on Monday

Here’s what happened to the stock market on Monday



a close up of a statue: Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020.


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Charging Bull Statue is seen at the Financial District in New York City, United States on March 29, 2020.

Dow Jones Industrial Average surges 250 points

The Dow rallied 250.62 points, or 0.9%, to close at 28,837.52. The S&P 500 jumped 1.6% to 3,534.22. The Nasdaq Composite advanced 2.6% to 11,876.26 for its best day since September. Tech shares rallied on Monday to lead the broader market higher.

Apple pops ahead of iPhone launch

Apple jumped 6.4% as investors looked ahead to a key event for the company. On Tuesday, Apple is expected to unveil its first 5G iPhone. History shows Apple shares usually outperform the broader market after an iPhone launch. Facebook and Amazon advanced 4% each.

Video: Jim Cramer says the stock market does not reflect Americans’ need for more coronavirus stimulus (CNBC)

Jim Cramer says the stock market does not reflect Americans’ need for more coronavirus stimulus

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UP NEXT

Stimulus talks continue

Monday’s rally came even as chances for another round of stimulus before the election appeared to dim over the weekend. Both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a $1.8 trillion offer from the White House. Despite the impasse, Morgan Stanley’s Mike Wilson thinks “there’s enough stimulus in the pipeline for now to kind of get us through year-end.”

What happens next?

The corporate earnings season is set to kick off on Tuesday as JPMorgan Chase, Citigroup and Delta Airlines release their latest quarterly results.

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