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Wall Street Climbs Higher as Investors Show Confidence

FILE - A Wall Street sign near the New York Stock Exchange is seen in New York City, May 8, 2020.

Wall Street picked up Monday where it left off at the end of last week with the S&P erasing all its losses for the year and investors confident the economy is coming back to pre-COVID-levels.

The Dow Jones Industrial Average rose 461 points, or nearly 2%. The Nasdaq and the S&P 500 were both 1% higher.

Monday's 39-point gain for the S&P puts it right back in the black, gaining all the ground it lost since the coronavirus outbreak began to be fully felt in March.

Travel-related stocks led Monday's gains on Wall Street, including United Airlines, American Airlines, and Carnival Cruises. The price of leading U.S. retailer, Kohl's, was also 8% higher.

Major European indexes in London, Frankfurt and Paris were all a fraction lower Monday, while major Asian indexes closed on an upswing.