NEW YORK (Reuters) – U.S. stocks rocketed higher on Monday, with each of the major indexes rallying at least 7%, after a fall in the daily death toll in New York, the country’s biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon.
On Sunday, New York reported virus-related deaths had fallen slightly from the previous day, the first instance in a week.
New York Governor Andrew Cuomo said on Monday that hospitalizations of coronavirus patients are down and the rate of the rise in deaths has leveled off in the hardest-hit state. But he cautioned against complacency.
“Seeing the market soar the way it is, even though the fundamentals continue to be in free fall, the market is looking across the valley and saying ‘six months from now things will be on the ascent,’” said Sam Stovall, chief investment strategist at CFRA Research in New York.
“They are looking across the valley and seeing a lot of scary news but are basically saying ‘We will get past this.’”
Even with the positive signs, U.S. officials have braced the country for a “peak death week” from the pandemic, with the death toll topping 10,000.
The Dow Jones Industrial Average .