Here’s what happened in the stock market on Monday

Traders work on the floor at the New York Stock Exchange, December 9, 2019.

Brendan McDermid | Reuters

Dow Jones Industrial Average rallies 1,627 points

The Dow surged 1,627.26 points, or 7.73%, to close at 22,679.99. The S&P 500 gained 7.03% to end the day at 2,663.68. The Nasdaq Composite jumped 7.33% to 7,913.24. Stocks rallied on hopes that the growth rate of new coronavirus cases may be ebbing.

New virus cases fall

In the U.S., there were about 30,000 new cases of coronavirus on Thursday, 32,100 cases on Friday, 33, 260 cases on Saturday, and then a slowing to just 28,200 new cases Sunday, according to the latest data from Johns Hopkins. The Trump administration also noted on Sunday there are signs of stabilization in hospital rates, helping to lift Wall Street sentiment on Monday. New York State reported 594 new coronavirus deaths on Sunday, fewer than the 630 on Saturday, marking the first daily decline in coronavirus-related deaths. Bottom line, investors cheered the improvements shown in the latest coronavirus data. However, investors should remain cautious as this could just be a blip down before another increase.

AmEx rallies to lead the Dow with Raytheon and Boeing

American Express was among the best-performing stocks in the Dow, surging nearly 14%. Raytheon and Boeing gained 15.28% and 19.47%, respectively, to contribute to the average’s gains as well.

What happens next?

Job openings data are scheduled for release Tuesday at 10 a.m.

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