The S&P 500 SPX, +1.30% rose 1.3% to close near 3,041. The Dow Jones Industrial Average DJIA, +1.90% advanced 477 points, or 1.9%, to finish around 25,606, based on preliminary numbers. The Nasdaq Composite COMP, +1.01% gained 1% to end near 9,589.
Investors are assessing the state of the market amid worries that a second wave of COVID-19 infections was hitting some U.S. states that had been largely spared when the disease first spread across the country. Meanwhile, Richmond Federal Reserve President Thomas Barkin and the International Monetary Fund's chief economist Gita Gopinath pointed to the tough road ahead for the U.S. and global economy.
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