Stocks rallied Monday morning, ahead of the U.S. presidential election and amid rising coronavirus cases and lockdowns around the world.

The Dow Jones Industrial Average added over 300 points or 1.2% while the S&P 500 and Nasdaq Composite rose 1% and 0.8%, respectively.

A Monday rebound follows a sharp downturn for equities, which produced the worst week for stocks since March.

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Investors more at ease despite rising COVID-19 cases as the U.S. surpassed 9 million COVID-19 infections on Friday, a number that is expected to move sharply higher as the colder weather sets in across the country. More than 228,000 people in the U.S. have died as a result of the virus, according to data from Johns Hopkins University.

OIL TUMBLES

Rising lockdowns continue to hurt oil prices, with West Texas Intermediate crude falling below the $35 per barrel level. There are also concerns a victory by Democratic presidential candidate Joe Biden would be bearish for the energy industry, as he has indicated he will toughen up on big oil and ban fracking.