Here’s what happened to the stock market on Monday

Finance

US President Donald Trump speaks during a Coronavirus Task Force press briefing in the Rose Garden of the White House in Washington, DC, on March 29, 2020.

Jim Watson | AFP | Getty Images

Dow Jones Industrial Average jumps 690 points

The Dow gained 690.70 points, or 3.19% to close at 22,327.48. The S&P 500 climbed 3.35% to 2,626,65. The Nasdaq Composite advanced 3.62% to 7,774.15. Stocks rallied on Monday as the U.S. extended measures to contain the coronavirus outbreak.

‘Social distancing’ through April

President Donald Trump said at a news conference Sunday the national social distancing guidelines have been extended to April 30. These measures, while they may cause a sharp economic disruption in the near term, are seen by some investors as preventing long-term damage to the economy. Sentiment was also lifted after Johnson & Johnson said it identified a lead vaccine candidate for the coronavirus while Italy reported its lowest number of new cases in almost two weeks. 

J&J gains, Boeing drops

Johnson & Johnson shares advanced 8% to lead the Dow higher. Those gains were slightly offset by a 6% drop in Boeing, however.

What happens next?

Consumer confidence data is set for release at 10 a.m. on Tuesday.

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