June 8 (UPI) — U.S. stocks began the week in positive territory on Wall Street Monday amid continued optimism surrounding economic recovery from the impacts of the COVID-19 pandemic.
The Dow Jones Industrial Average closed up 435.97 points, or 1.61 percent, while the S&P 500 grew 1.14 percent and the Nasdaq Composite increased 1.09 percent.
Stocks primed to benefit as states and cities throughout the country reopen businesses, such as airlines, retailers and cruise lines continued to drive the markets higher on Monday.
Carnival cruise line stock soared 15.81 percent, United Airlines gained 14.82 percent and Kohl’s increased 8.47 percent.
Stocks climbed despite a report by the National Bureau of Economic Research, the official U.S. gauge, that the domestic economy entered a recession in February.
Wall Street continues a streak of growth over the past three weeks that has coincided with progress in reopening state economies following weeks of closure due to the coronavirus pandemic.
On Friday, the Dow soared by more than 800 points after the Labor Department reported the U.S. economy added 2 1/2 million jobs in the month of May. Experts had predicted as many as 8 million jobs lost for the month.
The expectation of economic recovery following the effects of the pandemic have helped to drive the S&P 500 up 46 percent and the Dow up 50 percent after reaching lows on March 23.