Dow gains 400 points after Trump extends coronavirus social-distancing measures through April

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) near the close of trading in New York, U.S., March 12, 2020. REUTERS/Brendan McDermid

  • US stocks rose Monday as investors digested a slew of updates around the coronavirus pandemic.
  • President Donald Trump on Sunday extended federal social-distancing guidelines to April 30, abandoning earlier hopes the US economy could reopen by Easter.
  • Confirmed global cases of COVID-19 have surged past 735,000, and the death toll continues to rise.
  • Read more on Business Insider.

US stocks rose Monday as investors digested a slew of updates around the coronavirus pandemic.

President Donald Trump said on Sunday that federal social-distancing measures in the US would continue through April 30, casting aside earlier statements he made about easing coronavirus restrictions and reopening the US economy by April 12.Advertisement

Global cases of COVID-19 surged to more than 735,500 and deaths rose to nearly 35,000.

Here's where the major US indexes stood at 11:15 a.m. ET on Monday:

Read more: 200-plus money managers pay thousands to see what stocks are on Jim Osman's buy list. Here are 3 he says are set to soar 'at least 50%' from their coronavirus-stricken levels.
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Abbott Laboratories was a bright spot, gaining as much as 11% in premarket trading following emergency-use approval from the US Food and Drug Administration. The company developed a COVID-19 test that delivers positive results in five minutes and negative ones in 13 minutes.

In addition, Congress may be working on extra stimulus relief, Reuters reported. The bill would be the fourth legislative-aid package meant to bolster the US economy amid the coronavirus pandemic. Trump signed a historic $2 trillion bill into law last week. "Investors are likely assuming that in a matter of several weeks or a couple of months, we may return to normal, but that may prove to be a very risky bet," Hussein Sayed, the chief market strategist at FXTM, told Business Insider. Until investors see a "major decline" in the number of COVID-19 cases, "any rally in risk assets may prove to be temporary," he said.Advertisement

Read more: UBS outlines 3 major investing themes the coronavirus crisis is shaping today - and breaks down they'll play out in the years to come

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