Stocks rose last week, with the S&P 500 rising 3.5 percent.
Stocks rose despite grim economic data released last week, including a report on Friday that showed that the US economy lost 20.5 million jobs in April.
Instead, investors appear to be focused on the expected economic recovery as countries begin or plan to remove restrictions on activities that had been put in place to contain the spread of COVID-19.
However, the experiences of some countries that have so far been among the more successful in containing the disease suggest caution is warranted.
South Korea reported 34 new COVID-19 cases on Sunday, the highest daily number in a month. 26 were domestically transmitted infections while eight were imported cases.
The resurgence came as South Korea eased some social distancing restrictions and is seeking to fully reopen schools and businesses after the daily tally of cases had hovered around 10 or less in recent weeks.
“It’s not over until it’s over,” said South Korean President Moon Jae-in. “While keeping enhanced alertness till the end, we must never lower our guard regarding epidemic prevention.”
New COVID-19 infections also appear to be rising in Germany just days after the country eased social restrictions.
Over the weekend, the Robert Koch Institute reported that its estimate of the reproduction number of the disease, that is, the number of people infected by each case, is 1.1. It had been below 1 for most of the last three weeks.
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