U.S. stocks surge as some states reopen for business

Wall Street gained more than 1% on Monday at the onset of a hectic earnings week, as investors turned a hopeful eye toward several U.S. states that are relaxing shutdown restrictions put in place to curb the spread of the COVID-19 pandemic.

Yahaira Jacquez reports.

Stocks on Wall Street rallied on Monday as more states in the U.S. took steps to reopen their economies.

The Dow and S&P both rose roughly 1.5%, while the Nasdaq also advanced.

All three of the indexes have clawed back much of their losses since the pandemic began to take its devastating toll on the economy.

But as equities rose, oil prices continued to fall.

U.S. crude plunged more than 20% on Monday as traders panic over a global supply glut amid a collapse in demand.

Hilary Kramer, chief investment officer, Kramer Capital Research says the outlook for oil remains bleak.

(SOUNDBITE)(ENGLISH) CHIEF INVESTMENT OFFICER OF KRAMER CAPITAL RESEARCH, HILARY KRAMER SAYING: "The oil market itself is in shambles and it's going to be a disaster for investors, mainly bond investors.

Equity investors already know they're going to be losing their investment completely...However, there's this dichotomy.

Energy seems to be trading on its own, and is considered in its separate arena.

Then you have the rest of the market, where the understanding is that March 23 was that low we put in.

And that the market is continuing, that there's a light at the end of the tunnel that we will see the opening of everything including retail stores." Tesla gave the Nasdaq its biggest boost, ending the day up 10%, after a report said the company is calling some workers back to its California plant next week.

Now investors turn their attention to a busy week of earnings this week as a slew of high-profile companies including tech giants Alphabet, Facebook, Apple and Amazon - are set to report.