Stocks Ended Higher after Upbeat Economic Data

U.S. stocks ended higher on Monday, with all three indexes jumping by over 1%, after new housing data showed a record monthly gain in pending home sales and momentarily offsetting rising fears about new coronavirus cases that are jeopardizing an economic rebound. The Dow Jones Industrial Average surged 580.25 points, or 2.32%, to 25,595.80, led by a gain in Boeing Co. (BA). The S&P 500 rose 44.19 points, or 1.47%, to 3,053.24. The Nasdaq Composite gained 116.93 points, or 1.20%, to 9,874.15.

Oil futures finished higher Monday, buoyed by some recovery in energy demand, even with that recovery threatened by the possibility of another round of shutdowns as global cases of COVID-19 top 10 million. West Texas Intermediate crude for August rose $1.21, or 3.1%, to settle at $39.70 a barrel. Brent oil for August delivery climbed 69 cents, or 1.7%, at $41.71 a barrel.

A report showed that pending home sales in May spiked 44.3%, compared with April, according to the National Association of Realtors. That beat expectations of a 15% rise. Sales were still 5.1% lower compared against the same time last year.