U.S. stock benchmarks shook off sharp opening losses Monday to stage the sharpest reversal since late March, with stocks closing higher after the Federal Reserve said it would expand an existing stimulus program to allow it to buy individual corporate bonds. The Dow Jones Industrial Average
added 158 points, 0.6%, to close near 25,763, after being down by as many as 762 points, or nearly 3%; while the S&P 500
rose 25 points or 0.8%, to close near 3,067. The Nasdaq Composite
jumped 137 points, 1.4%, ending trading near 9,726. The turnaround for the S&P 500 and the Dow represented their biggest intraday comeback since March 19, according to Dow Jones Market Data, while it was the biggest turnaround for the Nasdaq since May 27. The central bank’s move came amid evidence of a resurgence in COVID-19 cases in areas that have re-opened. Shares of travel companies took a hit Monday, with Carnival Corporation
down 2.8% and United Airlines Holdings Inc.
shedding 1.7%, but media companies like ViacomCBS Inc.
jumping on hopes that live sports may resume soon.