Stock markets surged Monday following a week of negative trading, even as the weekend saw record numbers of new coronavirus cases and states moved to slow their economic reopening plans.
The Dow Jones Industrial Average closed up 580 points, or 2.3 percent, while the S&P 500 rose 44 points, or 1.5 percent.
Markets were boosted by Boeing, which saw an 11.3 percent jump as it began certification flights for its 737 Max planes. The model was grounded after flawed systems on the planes caused two crashes within five months, killing 346 people.
But the gains came despite record levels of new U.S. cases in the coronavirus pandemic. New Jersey said Monday it would delay a plan to allow indoor dining at restaurants, given data that showed spikes in states that moved ahead with indoor dining.
Last week, Texas and Florida both backtracked on their reopening plans, setting limits on bars and restaurants amid soaring COVID-19 case counts.
A survey of top CEOs found that most don’t expect their businesses to fully recover until the end of 2021.
But the markets were nonplussed Monday, rebounding from a tough week that had erased all of June’s gains.
Traders this week will be eagerly watching to see the job situation in June’s monthly employment report, due Thursday.
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