Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
But energy .SPNY and financials .SPSY, which suffered the most bruising blows from the economic shutdown, enjoyed the largest percentage gains among major S&P 500 sectors, all of which ended the session in the black.
“Today’s market is being led by energy and financials, but it’s a very well-balanced market,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Every sector is participating in this rally.”
Market leaders Apple Inc and Amazon.com once again gave the biggest boost to the S&P 500 and the Nasdaq.