After a bumpy ride last week, the stock market was off to a stronger start on Monday. All three major indexes finished in the green as each of the sectors, led by a 3.19% gain in industrials, finished higher.
The Dow Jones Industrial Average rose by 580 points, or 2.32%, to end the trading day at 25,595.
These positive moves come on the heels of news over the weekend that deaths caused by the coronavirus pandemic have passed the 500,000 mark. To date, there are now more than 10 million confirmed cases across the globe, according to Johns Hopkins University, with around one in four reported in the U.S.
On Sunday, Texas Gov. Greg Abbott said the pandemic has taken a "very swift and dangerous turn." States like Texas, California and Florida are now walking back their plans to reopen as new cases across the country continue to climb.
Power check. The Supreme Court ruled Monday that a provision to restrict the president's authority to remove the director of the Consumer Financial Protection Bureau is unconstitutional, challenging the CFPB's status as an independent government agency.
Created in the wake of the financial crisis, this watchdog group oversees banks, mortgage-servicing operations and debt collectors in the U.S. and has returned nearly $12 billion to consumers since its creation.
Big Banks spare dividend cuts. Many of the largest U.S. banks -- including Bank of America ( BAC), Citigroup ( C), Goldman Sachs ( GS) and Morgan Stanley ( MS) -- announced that they will not cut dividends in the wake of the unprecedented period of stress caused by the pandemic, a move which many in the industry made following the financial crisis in 2008.
Energy woes, wine caves. Fracking company Chesapeake Energy ( CHK) announced its Chapter 11 bankruptcy filing on Sunday. The company will continue to operate through the restructuring process, eliminating approximately $7 billion in debt and realigning its balance sheet going forward.
Amid the current unforgiving period in the energy sector, news broke that the company sunk millions of dollars into extravagant expenses under previous leadership. This included a whopping nine-figure bill for parking garages and "a wine collection in a cave hidden behind a broom closet in the Chesapeake office," sources told CNBC.
Big moves for makeup business. Cosmetics maker Coty ( COTY), the owner of CoverGirl and Clairol, announced that it would buy a 20% stake in Kim Kardashian West's makeup brand KKW for $200 million, which values the company at $1 billion. Shares jumped 13% following the announcement.
CEO Peter Harf referred to the reality TV star as "a true modern day icon" and attributed the deal in part to her "unparalleled ability to connect with people around the world." Keeping it in the family, Coty acquired a controlling stake in Kylie Cosmetics last year for $600 million, the brainchild of Kardashian West's half-sister Kylie Jenner.
Boeing soars. Shares of aerospace giant Boeing ( BA) took off on the news that the Federal Aviation Administration's flight tests on the company's 737 Max could begin on Monday, bringing the troubled model closer to resuming service after being grounded last spring following two fatal crashes that killed more than 300 people.
As Boeing has previously announced that the plane should likely resume passenger flights by the middle of 2020, the agency's testing procedure is expected to take several days. BA finished the trading day up 14.4%.
Jordan Kron is an investing editor at U.S. News & World Report, where he edits stock market stories and helps to produce the company's daily Invested newsletter.
Prior to joining U.S. News, Jordan spent three years at financial publisher Stansberry Research in Baltimore working on the editorial team as a proofreader and assistant editor.
He graduated from the University of Maryland in 2014 with a bachelor's degree in English.