• WHO confirmed more than 200,000 covid19 cases over a 24-hour period on Saturday, a new record
  • The U.S. confirmed more than 45,000 new cases on Saturday
  • Shanghai Stock Exchange surged 5.7%

Update: 12:05 p.m. EDT:

U.S. stocks surged at noon on Monday, led by strength in tech names.

The Dow Jones Industrial Average gained 332.86 points to 26,160.22, while the S&P 500 rose 43.89 points to 3,173.90 and the Nasdaq Composite Index climbed 230.02 points to 10,437.65.

In Europe markets finished higher, as Britain’s FTSE-100 rose 2.09%, while France’s CAC-40 gained 1.49% and Germany’s DAX jumped 1.64%.

The Institute of Supply Management sad its Non-Manufacturing Purchasing Managers' Index rose to 57.1% in June, up from 45.5% last month.

Original story:

U.S. stocks climbed higher on Monday, building on last week’s gains, after the Shanghai Stock Exchange soared overnight.

The Dow Jones Industrial Average gained 368.87 points to 26,195.87, while the S&P 500 rose 43.23 points to 3,173.24 and the Nasdaq Composite Index climbed 154.63 points to 10,362.26.

Meanwhile, cases of covid-19 continue spiking.

The World Health Organization on Saturday confirmed more than 200,000 cases over a 24-hour period, a new record.

In the U.S., Florida and Texas reported surges of 11,445 and 8,258 new cases, respectively, on Saturday. On the whole, the U.S. confirmed

more than 45,000 new cases on Saturday.

"We are currently experiencing a spike in Covid-19 cases, particularly in the sunbelt states that were in the vanguard of loosening social distancing restrictions to facilitate the reopening of their economies," said Marc Chaikin, CEO of Chaikin Analytics. "That reopening momentum has been halted by the spike in Covid-19 cases and the temptation to translate this into a bearish outlook for stocks is strong. Fatalities have not spiked, however, but are a lagging indicator. Thus the next two weeks are critical for a number of reasons."

Michael McCarthy, a markets strategist at CMC Markets Plc in Sydney, concurred: “The willingness of investors to look through the current disruption to an anticipated recovery this quarter is imperiled by still rising virus infection rates.”

Overnight in Asia markets finished higher, as China’s Shanghai Composite index surged 5.71%; Japan’s Nikkei-225 jumped 1.83%; and Hong Kong’s Hang Seng exchange climbed 3.81%.

In Europe markets traded higher, as Britain’s FTSE-100 rose 1.64%, while France’s CAC-40 gained 1.46% and Germany’s DAX jumped 1.59%.

Crude oil futures fell 0.96% at $40.25 per barrel, Brent crude edged up 0.16% at $42.74. Gold futures gained 0.34%.

The euro rose 0.78% at $1.1337 while the pound sterling edged up 0.27% at $1.2517.