Markets close up, extending May streak

Markets closed up on the first day of June, continuing an upward trajectory that has seen stocks rise precipitously from March lows caused by the coronavirus pandemic.

The Dow Jones Industrial Average was up 92 points, or 0.4 percent, and the S&P 500 rose 11 points, or 0.4 percent. 

The increases reversed dips in early trading, set against a weekend of civil unrest around the country over the killings of unarmed African Americans by police. 

But traders seemed to bet that the chaos would die down, and that states working to reopen their economies would help fuel a strong recovery.

Still, economic problems loom on the horizon.

The Congressional Budget Office on Monday projected that the pandemic would shave a cumulative $7.9 trillion over the next decade in real terms, about 3 percent of the economy.