U.S. stocks climbed on Monday as the technology sector and shares benefiting the most from the economic reopening led the advance.
The Dow Jones Industrial Average rose 186.14 points, or 0.6%, to 34,393.98.
The S&P 500 gained 1% to 4,197.05, boosted by the tech and communication services sectors.
The Nasdaq Composite popped 1.4% to 13,661.17 as Alphabet, Facebook and Microsoft all jumped more than 2%.
Tech stocks gained to shake off another rough period for bitcoin over the weekend as the cryptocurrency bounced Monday. The cryptocurrency dropped under $32,000 on Sunday, only to rebound 20% to above $39,000 on Monday. Last Wednesday, bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.
Stocks benefiting from the economic reopening gained. Shares of American Airlines and United Airlines traded at least 1% higher. Carnival was up nearly 2.7%. Norwegian Cruise Line jumped 4.7% after the cruise line operator announced plans to return cruising in the U.S. this summer.
Covid cases in the U.S. have dropped to their lowest level since June as the nation prepares for Memorial Day weekend. The seven-day average of new infections is about 26,000 as of Sunday, according to data compiled by Johns Hopkins University.
Reference: CNBC
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