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

The New York Stock Exchange. — (Image credit: Angela Weiss/AFP via Getty Images)

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.

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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.