(CNBC) -- Stocks rose on Monday as Amazon shares led other major tech stocks higher. Traders also weighed the prospects of a potential coronavirus vaccine and more U.S. fiscal stimulus.
The Dow Jones Industrial Average traded 23 points higher, or 0.1%, after being down 167 points earlier in the day. The Nasdaq Composite outperformed, surging 2.1%. The S&P 500 advanced 0.7% and was on pace to close higher for 2020.
Amazon rose 7.1% — putting it on pace for its biggest one-day gain since March — after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Shares of Facebook gained 0.8%. Netflix, Alphabet and Microsoft all traded more than 1% higher. Apple advanced 1.5%.
Advertisement - story continues below