U.S. stocks climbed on Monday, the first trading day of May, as shares tied to the economic reopening rallied on relaxed pandemic restrictions.
The Dow Jones Industrial Average rose 238.38 points, or 0.7%, to 34,113.23.
The S&P 500 gained 0.3% to 4,192.66.
The Nasdaq Composite fell 0.5% to 13,895.12, however, after Big Tech stocks pulled back following a strong month.
Bets on the economic reopening led the market advance, especially retailers. Royal Caribbean and American Airlines rose more than 1% each. Gap rallied more than 7%. Dillard’s rose nearly 10%, while Macy jumped 8%. Urban Outfitters and Kohl’s both gained more than 5%.
The rally in these stocks came after New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.
Berkshire Hathaway shares gained 1.6% after Warren Buffett’s conglomerate reported a 20% surge in operating earnings and continued to buy back large amounts of its own shares. Buffett also revealed to CNBC that when he is no longer in charge, Greg Abel, vice chairman of all non-insurance operations, will succeed him.
Jim Cramer says these outdoor plays are a buy as the economy reopens
CNBC’s Jim Cramer said Monday investors should look at stocks exposed to outdoor activities such as camping and boating as the economy reopens.
“As the pandemic winds down, I think the great outdoors theme has more legs than you realize,” the “Mad Money” host said. “It could be a huge summer, even bigger than last summer, which means that any of these stocks could have legs, especially because so many of the big institutional investors have moved away from them.”
Reference: CNBC
Thai
Eng