Tesla and Twitter help lead market rally

Dow closes at 27,572.44, its highest level since February

Bay Area stocks such as Tesla and Twitter rallied Monday as investors showed continued enthusiasm over hopes of the economy reopening and beginning to recover from the devastation wrong by shutdowns aimed at slowing the spread of the new coronavirus.

Tesla shares climbed by 7.3%, to an all-time high close of $949.92. Auto industry reports said Tesla saw demand for its cars in China increase in May, with the company selling about 11,000 cars during the month compared to around 4,000 cars sold in April.

Twitter rose by 5.1%, to end the day at $36.64, as analysts said the social media company is growing its influence as a platform for information following the national protests that have taken place following the death of George Floyd in Minneapolis in late May.

Apple shares rose 0.6%, to $333.46. On Monday, Apple re-opened several Bay Area stores that it had closed last week in response to violence and looting that took place around the region following the death of George Floyd in Minneapolis.

Other big-name Bay Area companies scoring gains on the day included HP, up by 4.4%, to close at $18.17 a share, Cisco Systems, which rose by 0.6%, to $48.13 a share, Roku, up by 8.2%, to end the day at $112.95 a share, and Oracle, which rose 2.1%, to $55.10 a share.

The gains helped push the Dow Jones Industrial Average up by 461.46 points, or 1.7%, to close at 27,572.44, its highest point since late February.

The S&P 500 rose by 1.2%, to 3,232.39, and the Nasdaq Composite Index climbed by 1.1%, to close at 9,924.75.

Google parent company Alphabet saw its shares rise 0.6%, to close at $1,446.61. Google said Monday that its Google Maps feature will begin showing warnings and alerts that will include features such as if public transit services are affected by coronavirus and details on eligibility for going to a COVID-19 treatment center.

The gains also reflected positive sentiment from Friday’s jobs report, in which the Labor Department said the national economy added 2.5 million jobs in May as businesses started the reopening process.