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Nasdaq, S&P 500 Close at Record Highs as Wall Street Assesses Jump in Coronavirus Deaths

The Nasdaq and S&P 500 close at record highs and stocks finish up even though new cases of the coronavirus have risen.
  1. The Nasdaq and S&P 500 closed at record highs and stocks finished up Monday despite the number of new cases of the coronavirus rising in China and factories and businesses there struggling to start production after an extended break.
  2. Coronavirus update: 910 deaths, confirmed cases 40,787. 
  3. Apple is Real Money's Stock of the Day. Supplier Foxconn, the maker of the iPhone, said most of its businesses remain closed amid the coronavirus outbreak.

The Nasdaq and S&P 500 closed at record highs and stocks ended up Monday despite the number of new cases of the coronavirus rising in China as factories and businesses there struggled to start production following a Lunar New Year break that was extended to help stem the spread of the outbreak.

The Nasdaq, which also set an all-time intraday high, finished up 1.13% to 9,628.39. The S&P 500 finished up 0.73% to 3,352.09. Advanced Mirco Devices (AMD) was the top gainer for both exchanges.

In addition, Amazon (AMZN) climbed 2.6% to a record high, breaking above $2,100 per share for the first time.

The Dow Jones Industrial Average finished up 174 points, or 0.60%, to 29,277. The Dow was led by Microsoft  (MSFT) and Boeing (BA) .

The virus has killed 910 people and the number of confirmed cases has risen to 40,787. The coronavirus has now killed more people than the SARS epidemic in 2002-2003.

China has pledged about $10 billion to combat the pandemic, which has forced businesses to close, shuttered factories and severed transportation links as citizens attempt to avoid contracting the respiratory illness.

Most operations within Apple  (AAPL)  iPhone maker Foxconn will remain closed “until further notice,” the company said, in another sign of the impact the coronavirus was having on both the Chinese economy as well as companies’ global supply chains.

Tesla  (TSLA) , meanwhile, said its plant in Shanghai resumed production Monday, following a government-ordered break to help combat the coronavirus.

Tesla had said the closure of the $2 billion Shanghai gigafactory would delay Model 3 deliveries in the world's largest car market, and also extend the ramp-up of production of its benchmark sedan, which it hopes will hit 150,000 a year when the newly opened facility is running at peak capacity.

General Motors  (GM)  said it would restart production in China beginning Feb. 15.

Xerox  (XRX)  raised its bid for the much-larger HP Inc.  (HPQ)  to $24 a share from its previous bid of $22. The bid now consists of $18.40 a share in cash and 0.149 of a Xerox shares for each HP share.

Allergan  (AGN)  posted stronger-than-expected fourth-quarter earnings and said it expects its impending $63 billion takeover by AbbVie  (ABBV)  to close by the end of March.