US Stocks Rise on Monday, Nasdaq Has Best Day in a Week

NEW YORK (Sputnik) - Wall Street closed higher on Monday, with the recently-ravaged Nasdaq Composite Index of technology stocks having its best day in a week, as buyers returned to the market on signs that a new US novel coronavirus relief bill could see passage in Congress.

The Nasdaq rose 1.7 percent for its biggest daily percentage gain since 20 July to close at 10,536. The rally in technology stocks came ahead of better US earnings reports for the second quarter expected this week from the industry’s biggest names such as Amazon, Microsoft, Apple and Google’s Alphabet.

Prior to Monday's rally, the Nasdaq saw heavy selling in recent days based on economic worries regarding the US economy, despite repeatedly hitting record highs earlier in the month.

The Dow Jones Industrial Average closed up 0.4 percent at 26,584, while the S&P 500, a barometer for the top 500 US stocks, settled up 0,7 percent at 3,239.

The broader stock market also rose on Monday as Republicans led by President Donald Trump finalized a fourth coronavirus relief bill, worth about $1 trillion, to provide temporary and reduced extension of unemployment benefits, another round of stimulus checks, liability protection for businesses and funding to help schools restart.