NEW YORK – Stocks rallied worldwide on Monday as investors bet that the economy can continue its dramatic turnaround despite all the challenges ahead.

The S&P 500 rose 1.6%, following up on similar gains in Europe and Asia, and clawed back to within 6.1% of its record set in February.

Stocks of the biggest companies once again led the way, and strength for Apple, Amazon and other tech-oriented titans helped lift the Nasdaq composite 226.02 points, or 2.2%, to close at a record high of 10,433.65.

The Dow Jones industrial average rose 459.67 points, or 1.8%, to 26,287.03. The S&P 500 rose 49.71 points to 3,179.72 for its third gain of at least 1.5% in the last five days.

They're the latest buoyant moves for markets, where investors are focusing more on recent improvements in the economy and all the stimulus that central banks and governments are supplying than on how much pain still remains. Investors are also continuing to sidestep the mounting number of known coronavirus infections, at least for now.

"The economic damage isn't going to be as dire and severe as was initially predicted," said Peter Essele, head of portfolio management for Commonwealth Financial Network. "That helps explain the rebound."