Stocks rebounded after some hopeful coronavirus news but change 'doesn't necessarily reflect anything fundamental’


Stocks rebounded Monday after there were some signs of progress in the fight against the novel COVID-19 coronavirus pandemic.
The Dow Jones Industrial Average shot up 7.7 percent, and all 30 stocks in the index climbed, while the S&P 500 and the Nasdaq Composite rose 7 and 7.3 percent, respectively. That's largely a result of New York Gov. Andrew Cuomo (D) reporting that the rate of daily COVID-19 deaths and hospitalizations, as well as the number of patients in intensive care units, may be slowing in the Empire State, which is the epicenter of the U.S. outbreak.
But don't expect the market rebound to be permanent — volatility has been the rule over the last several months, so there will likely be more upswings and downturns along the way, especially because a lot could still change regarding the pandemic. "Everyone is just desperate for good pieces of news," said Peter Cecchini, the chief marketing strategist at Cantor Fitzgerald. "It doesn't necessarily reflect anything fundamental. Nothing's changed." Read more at The Wall Street Journal.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Taking the low road: why the SNP is still standing strong
Talking Point Party is on track for a fifth consecutive victory in May’s Holyrood election, despite controversies and plummeting support
-
Has the Gaza deal saved Netanyahu?
Today's Big Question With elections looming, Israel’s longest serving PM will ‘try to carry out political alchemy, converting the deal into political gold’
-
French finances: what’s behind country’s debt problem?
The Explainer Political paralysis has led to higher borrowing costs and blocked urgent deficit-reducing reforms to social protection
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance