U.S. equity markets locked in gains Monday as traders digested the news that social-distancing guidelines were extended until at least April 30 and as Treasury Secretary Steven Mnuchin reiterated details on how small businesses can obtain loans quickly in an interview on FOX Business.


The Dow Jones Industrial Average rose 690 points or 3 percent. The S&P 500 and Nasdaq Composite gained 3.3 percent and 3.6 percent, respectively. Last week, the Dow added 13 percent, making for its best week since 1938.

The markets also absorbed news of worker furloughs in the retail sector. Macy's plans to furlough the majority of its 130,000 employees and while The Container Store said it has furloughed some corporate staff. Shares of both companies fell on the news.

Airlines slid as they awaited the release of tens of billions of dollars of aid from the federal government. Additionally, cruise operators remained under pressure after receiving a downgrade from Berenberg Research.

General Motors was in focus after President Trump praised the automaker, saying it was doing a “fantastic job” ramping up ventilator production. Read more at FOX Business