Stocks on Wednesday closed up, fueled by a rise in technology and entertainment stocks.
The Dow Jones Industrial Average closed up 177 points, or 0.7 percent, and the S&P 500 increased 25 points, or 0.8 percent.
Companies such as Apple, Microsoft, Disney and Netflix led the charge in the stock upswing. Apple’s stock, in particular, hit a record high, closing at a price of 381, a 2.3 percent increase.
But the increase comes as the U.S. is experiencing a surge in COVID-19 cases. On Wednesday, the country passed 3 million recorded cases of the virus. A day earlier, it recorded a record 60,000 new cases for a single day.
Top White House economic adviser Larry Kudlow brushed off the potential economic effects of the outbreak.
“Virtually every piece of data shows a V-shaped recovery,” he said on CNBC, referring to a quick recovery from a quick economic drop.