The stock market is rallying all the way back to pre-coronavirus levels

After taking a dive during the coronavirus pandemic, the S&P 500 has just erased its losses for 2020.

The S&P 500 on Monday climbed 1.2 percent to 3,232.39, which means it's "now positive for 2020 by 0.05 percent" after having "bounced more than 47 percent off its March low," CNBC reports.

This came after on Friday, the Dow Jones Industrial Average and S&P 500 both soared following the release of a jobs report showing unemployment unexpectedly declined in May when economists forecasted it would surge. This report was released as states across the country took steps to reopen their economies.

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The Dow also jumped 461 points on Monday after on Friday it surged 829 points, and it's rising toward the level it was at in late February before the coronavirus crash. Additionally, the Nasdaq soared to a record high when it closed on Monday at 9,924, The Washington Post reports. This was all just hours after National Bureau of Economic Research said the U.S. entered a recession in February. After the surge on Friday, the Post noted that Wall Stret is "is in the midst of a stunning three-month rally that is close to putting investors back where they were in January."

Given the plunge in the markets that took place as the coronavirus pandemic began, The New York Times on Monday described the S&P 500 officially erasing its losses for the year as "a remarkable milestone."