Dow jumps 550 points as COVID-19 deaths rise

U.S. markets rallied on Tuesday, even as COVID-19 deaths and infections continued to climb.

The Dow Jones Industrial average soared 557 points, or 2.1 percent, and the S&P 500 jumped 42 points, or 1.3 percent.

Florida on Tuesday counted its highest one-day death toll, and 132 deaths, and reported an additional 9,261 new cases.

Hawaii Gov. David Ige (D) said he would extend that state’s 14-day quarantine on travelers, which was set to expire, until September 1.

The spike in cases and deaths has led governors in some states to call for continued at-home learning for students, which could be a major blow to parents hoping to return to work.

But several major banks reported significant profits despite the pandemic, including JPMorgan Chase, which posted a record $33.8 billion in revenue even as its profits dropped by half from last year, to $4.7 billion.