U.S. stocks rise Monday as more states let businesses reopen

April 27 (UPI) -- U.S. stocks climbed Monday to begin the week with early gains amid optimism about reopening businesses following lockdowns to prevent the spread of COVID-19.

The Dow Jones Industrial Average closed up 358.51 points, or 1.51 percent, while the S&P 500 climbed 1.47 percent and the Nasdaq Composite rose 1.11 percent.

The boost came as several more states permitted some businesses to reopen Monday. Georgia, Oklahoma, South Carolina, Alaska and Texas were the first to permit some non-essential businesses to reopen Friday.

The Dow gained 260 points on Friday.

JPMorgan Chase rose 4.3 percent and Disney increased 4.84 percent to lead the Dow's rise on Monday, while the financial sector of the S&P 500 rose more than 3 percent to fuel its gains.

MGM Resorts stock rose 9.18 percent and Carnival stock gained 8.85 percent, while Gap climbed 12.74 percent and Kohls stock increased 17.72 percent.

"Additional global stimulus measures, slowing COVID-19 cases, and signals of normalcy returning are no doubt good news in the current environment. That said, the economy is a far cry from even walking shape right now -- it's slowly crawling back to life," Mile Loewengart, vice president of investment strategy at E-Trade, told CNBC.

Monday's gains followed more depression of oil prices. Brent crude fell to just above $20 per barrel Monday and West Texas Intermediate was listed at just below $13.