Stocks rose on Monday, building on a strong rally from last week as the U.S. extended measures to contain the coronavirus outbreak.

The Dow Jones Industrial Average was up 690.70 points, or 3.2%, at 22,327.48. The S&P 500 climbed 3.4% to 2,626.65 while the Nasdaq Composite closed 3.6% higher at 7,774.15. Tech stocks such as Microsoft, Alphabet and Amazon led the way higher for Wall Street. Microsoft jumped 7% while Alphabet and Amazon climbed 3.3% and 3.4%, respectively.

The Dow is now up 20% from its coronavirus sell-off low reached on Monday while the S&P 500 has risen more than 17% from those levels. The Nasdaq has bounced more than 13%.

"Right now, risk assets are pricing in a V-shape recovery," said Dave Albrycht, chief investment officer at Newfleet Asset Management. "Now, do I believe that's going to happen? I think that's highly dependent on whether they come up with some type of vaccine, how long does this go on for and whether people start going back to work once this peaks."

President Donald Trump said at a news conference Sunday the national social distancing guidelines have been extended to April 30, adding the death rate from the virus would peak in two weeks. These measures, while they may cause a sharp economic disruption in the near term, are seen by some investors as preventing long-term damage to the economy.

Sentiment was also lifted after Johnson & Johnson said it identified a lead vaccine candidate for the coronavirus. The company noted that human testing on the potential vaccine will begin in September. J&J shares climbed 8%. Italy also reported its lowest number of new cases in almost two weeks.

The Dow last week posted its biggest weekly gain since 1938, surging more than 12%. The S&P 500 and Nasdaq are coming off their best week since 2009, after rising 10.3% and 9.1%, respectively. To be sure, it was a volatile ride for investors. The S&P 500 posted daily swings of at least 2.9% in four of the five sessions. That includes a 3.4% drop on Friday for the S&P 500.