A winter wave of COVID-19 may be brewing in the U.S., with many states reporting distinct increases in confirmed cases. More economic stimulus may be necessary if the pandemic worsens from here, but Congress remains deadlocked on the issue. Despite all of this, the stock market was surging on Monday, with the Dow Jones Industrial Average(DJINDICES:^DJI) up 1.05% at 1:05 p.m. EDT.
Tech giant Apple(NASDAQ:AAPL) was the Dow’s top performer on Monday, rallying hard one day before the company is expected to announce iPhones that feature 5G technology. Shares of Cisco Systems(NASDAQ:CSCO) were also higher despite an analyst downgrade.
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Apple surges ahead of iPhone event
If 2020 were a normal year, Apple’s latest iPhones would have likely already launched. But supply chain disruptions due to the COVID-19 pandemic forced Apple to delay the launch by a few weeks. At an event in September,