Stocks rose in volatile trading Monday as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases.
The Dow Jones Industrial Average traded 449 points, or 1.8%. The S&P 500 was up 1.1% while the Nasdaq Composite gained 0.7%.
Shares of Dow-member Boeing rose 8.1% as certification flights for the Boeing 737 Max were set to begin Monday. The test is seen by investors as a critical step in Boeing’s worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people.
Investors bet on select stocks on hopes most state economies will continue to reopen even as some hotspots pop up. Southwest Airlines jumped after Goldman Sachs upgraded the shares to buy from sell. Southwest gained 5.1% following the upgrade. Shares of retailer Gap and Kohl’s rose 4% and 5%, respectively.