Dow jumps 350 points early Monday after housing data, even as coronavirus cases top 10 million

The Dow booked its best one-day gain in about three weeks Monday, partly as upbeat economic data raised hopes, and also as Boeing shares surged. But investors also were watching the persistence of coronavirus in hot spots, including Florida, Texas and California, fueling concerns about the economic outlook.

Financial markets in the U.S. will be closed on Friday in observance of the Fourth of July holiday.

How did benchmarks perform?

The Dow Jones Industrial Average DJIA, +2.32% gained 580.25 points, or 2.3%, closing near a session high of 25,595.80, its best one-day percentage climb since June 5, according to Dow Jones Market Data. The S&P 500 index SPX, +1.46% advanced 44.19 points, or 1.5%, to finish at 3,053.24, as the consumer discretionary and industrials sectors climbed.

The technology-laden Nasdaq Composite Index COMP, +1.19% picked up 116.93 points, or 1.2%, to end at 9,874.15.

On Friday, the Dow put the finishing touches on a weekly decline of 3.3%, falling 700-plus points on the day, while the S&P 500 notched a 2.9% weekly decline and the Nasdaq fell 1.9% for the week.

What drove the market?

Major U.S. stock indexes finished sharply higher Monday as economic data continued to surprise to the upside, even as several states with surging COVID-19 infections have been forced to reimpose limits on business activities and social gatherings.

Markets scored an early boost after a report showed that pending home sales in May spiked 44.3% compared with April, according to the National Association of Realtors. That beat expectations of a 15% rise. Sales were still 5.1% lower compared against the same time last year.

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