Dow Rises Solidly Despite Surge in Virus, Boeing Soars

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Stocks are mixed despite coronavirus cases globally surpassing 10 million people and the hardest-hit states such as Texas and Florida pulling back on reopening plans.

Stocks were mixed Monday following Friday’s steep selloff as coronavirus cases surpassed 10 million people globally and the hardest-hit states such as Texas and Florida pulled back on reopening plans.

The Dow Jones Industrial Average rose 170 points, or 0.68%, to 25,186, the S&P 500 gained 0.3% and the Nasdaq was down 0.05%.

On Friday, the Dow slumped 730 points, or 2.84%, the S&P 500 dropped 2.42% and the Nasdaq Composite sank 2.59% as worries grew that portions of the economy could be shuttered amid a resurgence of the virus.

Even with a surge in infections, there are signs that both the U.S. and global economies have been modestly improving.

“Conflicting signals between the Covid-19 spread and economic data continue to keep risk sentiment, and consequently markets, in a gridlock going into the end of June,” said Jingyi Pan of IG. “As far as the weekend leads are concerned, however, the topping of the 10 million mark for global Covid-19 cases had tipped the scale in the direction of risk-off for markets going into Monday.”

The number of confirmed global cases of the coronavirus has risen to 10,173,722, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 502,517.

The U.S. has 2,549,069 cases of the coronavirus, the most in the world, according to Johns Hopkins. Deaths in the U.S. have risen to 125,803, also the most in the world.

The U.S. had 42,000 cases Saturday, marking the second straight day that the daily total was above 40,000.

Gilead Sciences  (GILD) – Get Report on Monday said it will price its Covid-19-fighting drug remdesivir at $2,340 for a five-day treatment, well below what it says would be market prices for the drug.

Boeing  (BA) – Get Report was rising 4.9% to $178.34 Monday after the planemaker received approval from the Federal Aviation Administration to begin test flights of its grounded 737 MAX aircraft as early as this week.

Facebook  (FB) – Get Report extended declines Monday after Stabucks  (SBUX) – Get Report, the world’s largest coffee chain, joined a list of more than 150 companies that plan to freeze advertising spending on the social media platform.