People passing by the New York Stock Exchange amid the coronavirus pandemic. Photo: John Nacion/NurPhoto via Getty Images

The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.

Why it matters: The huge market surge comes amid rare optimistic signs that the spread of the coronavirus may be slowing in parts of the country, including New York. But government officials say this will be a difficult week, while economists — including former Fed chair Janet Yellen today — warn that the pandemic could have a catastrophic impact on the global economy.

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Jun 22, 2020 - Health

Texas governor warns coronavirus is spreading at an "unacceptable rate"

Gov. Greg Abbott. Photo: Lynda M. Gonzalez-Pool/Getty Images

Texas Gov. Greg Abbott (R) said at a press conference on Monday that he is concerned the coronavirus is spreading at an "unacceptable rate" following the state's reopening, but that he would only support a second shutdown as a last resort.

Why it matters: Texas is well into its "phase 3" of reopening, allowing businesses to host up to 50% capacity. But the state outbreak is one of several that has seen a surge in infections in recent weeks, averaging more than 3,500 daily new cases and a positivity rate higher than 9%.

Updated 3 hours ago - Health

World coronavirus updates: Global cases top 18 million

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The number of novel coronavirus cases surged past 18 million globally on Sunday night, Johns Hopkins data shows.

By the numbers: More than 688,300 people have died from COVID-19 worldwide. Over 10.6 million have recovered.

The coronavirus recovery may be W-shaped

Illustration: Sarah Grillo/Axios

U.S. economic data has shown improvement in recent reports, starting with May's nonfarm payrolls report and including new home sales, various Fed manufacturing indexes and retail sales, all showing better-than-expected rebounds.

Why it matters: The momentum could reverse quickly if the coronavirus pandemic picks back up and policymakers drag their feet on renewing stimulus measures, experts say.