Stocks opened the week higher despite the continuing rise in new coronavirus cases. This is due to investors believing states will continue to reopen even as some Covid-19 hotspots pop up. In economic news, pending home sales had a record increase of 44.3% in May.
Dow Jones +580 at 25,596
S&P 500 +44 at 3,053
NASDAQ +117 at 9,874
The 10 Year Treasury closed flat yielding 0.64%
Oil prices closed up $0.98 ending at $39.47 a barrel
Gold prices closed up $3 ending at $1,783 an ounce
The days’ stock news:
- Shares of Boeing moved 14% higher after announcing recertification flights for its 737 Max jet will begin today, a significant step as Boeing seeks to return the Max to service.
- Gilead Sciences announced the prices for its anti-viral Covid-19 treatment, with developed world governments paying $390 per dose and privately insured patients being charged $520 per dose.
- Shares of Beyond Meat dropped 7% after being downgraded at Barclays, which points to several factors including the impact of lockdowns on foodservice channels.