At the close of trade, the Dow Jones Industrial Average index inclined 238.38 points, or 0.7%, to 34,113. The S&P 500 index was up 11.49 points, or 0.27%, at 4,193. The tech-heavy Nasdaq Composite Index fell 67.56 points, or 0.48%, to 13,895.
Shares tied to the economic reopening rallied on relaxed pandemic restrictions. New York Governor Andrew Cuomo announced capacity limits for most businesses in New York, New Jersey and Connecticut will be lifted beginning May 19. Separately, Florida Governor Ron DeSantis signed an executive order immediately suspending all local COVID-19 emergency mandates in the Sunshine State. 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%.
Berkshire Hathaway shares rose 1.6% after Warren Buffett's conglomerate reported a 20% surge in earnings and continued to buy back large amounts of its own shares..
Shares of Verizon rose 0.2% after the telecom giant said it will sell its media group to Apollo Global Management for US$5 billion.
Moderna shares rose 4% after a vaccine supply deal with COVAX. Pfizer (+3.1%) will begin exporting US made doses of the Covid-19 vaccine.
ECONOMIC NEWS: US Construction Spending Marginally Higher By 0.2% In March- US construction spending inched up by 0.2% to an annual rate of $1.513 trillion in March after falling by 0.6% to a revised rate of $1.510 trillion in February, the Commerce Department reported on Monday. The uptick in construction spending came as spending on residential construction surged up by 1.7% to an annual rate of $725.2 billion. On the other hand, the report showed spending on non-residential construction slid by 0.9% to an annual rate of $444.0 billion. Spending on public construction also tumbled by 1.5% to an annual rate of $343.9 billion, reflecting steep drops in spending on both educational and highway construction. Compared to the same month a year ago, total construction spending in March was up by 5.3%.
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