The Dow Jones Industrial Average closed at 29,276.82 on Monday with a gain of 174.31 points or 0.60%. The S&P 500 closed at 3,352.09 for a gain of 24.38 points or 0.73%. The Nasdaq Composite closed at 9,628.39 for a gain of 107.88 points or 1.13%. The VIX Volatility Index was lower at 15.01 for a loss of 0.46 points or -2.97%.
Monday’s market movers
U.S. indexes started the week with gains. President Trump released his 2021 proposed budget with $4.8 trillion in spending. The budget includes several cuts to social service programs in an effort to help reduce the national deficit.
There were no major economic reports on the calendar. The Treasury held auctions for three-month bills at a rate of 1.55% and six-month bills at a rate of 1.51%.
Investors were watching Asia as the coronavirus’ death toll continues to climb. Japan and Hong Kong markets were lower Monday, but China’s Shanghai Index ended with a small gain after some companies announced plans for reopening business.
In other news:
Restaurant Brands (NYSE:QSR) reported fourth-quarter 2019 results. Revenue of $1.48 billion increased 6.5% year over year and beat estimates by $20 million. GAAP earnings of 54 cents per share missed estimates by 18 cents and non-GAAP earnings of 75 cents beat estimates by 2 cents. L Brands (NYSE:LB) gained on news that the company was selling Victoria’s Secret.
In the S&P 500, technology, real estate and consumer discretionary led gains. In the Dow Jones Industrial Average, the following stocks led gains:
In small caps, the Russell 2000 closed at 1,667.67 for a gain of 10.89 points or 0.66%. The S&P 600 closed at 1,005.60 for a gain of 3.55 points or 0.35%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,795.69 for a gain of