U.S. stocks rise as investors eye economy reopening

Xinhua
02 Jun 2020, 07:18 GMT+10

NEW YORK, June 1 (Xinhua) -- U.S. stocks reversed their earlier losses to finish with modest gains on Monday, as investors weighed the possibility of normalizing economic activities.

The Dow Jones Industrial Average rose 91.91 points, or 0.36 percent, to 25,475.02. The S&P 500 increased 11.42 points, or 0.38 percent, to 3,055.73. The Nasdaq Composite Index was up 62.18 points, or 0.66 percent, to 9,552.05.

All 50 U.S. states have eased COVID-19 restrictions to varying degrees, despite fears of a re-acceleration in virus cases.

The market gains were somewhat capped as the violent protests that reverberated throughout the country following the death of African American George Floyd has stoked concerns about a damper on the economic recovery.

Monday's moves followed a solid month on Wall Street that saw the Dow rise 4.3 percent, the S&P 500 gain 4.5 percent, and the tech-heavy Nasdaq mark a 6.8-percent return for May.

On the data front, U.S. manufacturing PMI (Purchasing Managers' Index) registered 43.1 percent in May, up 1.6 percentage points from the April reading of 41.5 percent, the Institute for Supply Management reported on Monday.

Economists surveyed by MarketWatch had forecast the index to total 44 percent. Any reading below 50 percent indicates the sector is generally contracting.

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