Stocks shrugged off a wobbly start Monday to finish solidly higher on Wall Street, as the market clawed back half its losses from last week.
The S&P 500 rose 1.5 percent after having been down 0.3 percent. The market rallied after a much healthier-than-expected report on the housing market put investors in a buying mood. Technology, industrial and communications stocks accounted for much of the market’s broad gains. European stocks also closed higher. Treasury yields were mixed and oil prices rose.
The pickup in U.S. stocks after a weekly loss marks the latest choppy move for markets around the world, which have been swinging back and forth in recent weeks as investors balance hope for a relatively quick economic rebound as more businesses reopen against worry as an increase in confirmed new coronavirus cases forces some businesses to close their doors again.
The S&P 500 gained 44.19 points to 3,053.24. The Dow Jones Industrial Average rose 580.25 points, or 2.3 percent, to 25,595.80. The Nasdaq composite added 116.93 points, or 1.2 percent, to 9,874.15.
Stocks of smaller companies also jumped more than the rest of the market, which often happens when investors are feeling more optimistic about the economy. The Russell 2000 index of small-cap stocks picked up 42.43 points, or 3.1 percent, to 1,421.21. The index made up for all of its losses from last week.