Stocks cut gains as tech rally loses steam, Nasdaq turns negative
Stocks rose on Monday, building on a record-setting week, as developments on coronavirus treatments drove the bullish sentiment. The Dow Jones Industrial Average jumped 245 points, or 0.9%. The S&P 500 climbed 0.6% and hit an all-time high. The Nasdaq was marginally higher after also trading at a record level. Shares of airlines and cruise operators gained amid the coronavirus treatment developments. United Airlines rose by more than 7% along with Delta and American. Carnival gained 7.2%. Norwegian Cruise Line and Royal Caribbean advanced 8.2 and 3.7%, respectively. Earlier in the session, shares of Big Tech companies such as Apple and Microsoft led the market gains. However, they rolled over in late-morning trading. Monday's moves come as the number of new coronavirus cases continues to decline in the U.S. Since spiking by more than 64,000 cases, the number of new daily infections in the U.S. has not topped 49,000, according to Johns Hopkins University. On Sunday...