US stocks extend gains, Dow Jones adds more than 1,600 points

US stocks surged on Monday, buoyed by investors hopes about a near end for the coronavirus pandemic in the US.

Infections and deaths from coronavirus in New York have showed slowdown signs, but the US remains the world's largest epicenter for the deadly virus.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year, and added that the current US unemployment rate is by 12% or 13%.

To the oil market, WTI crude plunged 8% to close at $26.0.8 a barrel, after hitting a day high of $28.2 and a low of $25.2.

Brent fell 3.1% to $32.05 a barrel, with a high of $34.2 and a low of $30.03.

As for stocks, Dow Jones rose 7.7% or 1,627 points to close at 22,680, and hit a day high of 22,783 and a low 21,693.

Nasdaq rose by 7.3% or 540 points to 7,913 points, with a high of 7,938 and a low of 7,617 points.

S&P 500 rose by 7% or 175 points to close at 2,663 with a high of 2,676 and a low of 2,574.