Dow Gains 579 Points on Monday Amid Coronavirus Surge
On Monday, investors ignored the surge in coronavirus cases and drove the Dow Jones Industrial Average up 579 points, according to CNBC.
The Dow was led by gains in Boeing after the company announced the FAA was test flying its best selling 737 MAX. The Dow closed up 2.3 percent, marking its best day since June 5 when it closed up more than 3 percent. The S&P500 increased 1.5 percent and the Nasdaq Composite gained 1.2 percent.
Boeing was up 14.4 percent by closing bell. Investors saw the Boeing 737 MAX test-fly as a critical step in Boeing's return from one of the worst corporate crises in history.
Apple also contributed to the gains in the Dow gaining 2.3 percent.
Facebook has been under immense pressure lately after many companies announce they would pause advertising on the platform. However, the stock closed 2.1 percent higher, recovering from an early decline.
Investors seem to be hoping that state economies will remain open despite the surge of the novel coronavirus in several states.
Investors also celebrated a report from the National Association of Realtors that said pending home sales increased 44.3 percent in May.
The economic conditions are nothing to gloat about, but investors are still finding reasons to drive US markets up.