HomeRiskReversal's Dan Nathan on the state of the marketsBusinessRiskReversal's Dan Nathan on the state of the markets

RiskReversal's Dan Nathan on the state of the markets

RiskReversal’s Dan Nathan and David Ellison, Hennessy Funds Portfolio Manager, join “Closing Bell” to discuss the state of the markets.

The Dow Jones Industrial Average rallied more than 300 points, or 1.5%. The S&P 500 climbed 1.9% while the Nasdaq Composite advanced 2.6%. Johnson & Johnson was the best-performing stock in the Dow while the S&P 500 was led higher by 2% rallies in tech, real estate and utilities. Amazon rose to an all-time high to lead the Nasdaq higher.

The major averages came off their session highs in mid-morning trading, as Boeing fell more than 4% on the cancellation of 150 Max jet orders.

“When you look at the facts, I think there’s reason to be more hopeful than we have been,” CNBC’s Jim Cramer said. “The worst-case scenario’s been taken off the table, and if Apple and Google can do contact tracing that we all embrace … while we continue to roll out more testing, the economy could reopen a lot sooner than we thought even, say, three weeks ago.”

President Donald Trump said in a press conference Monday that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country.

New York Gov. Andrew Cuomo struck an optimistic tone about the outbreak in his state, the epicenter of the pandemic in the United States. He said Monday it appears that “the worst is over … if we continue to be smart going forward.” At least 10,000 people have died from the infection in the state.

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