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Stocks traded lower to start the week as investors assessed an uptick in coronavirus cases and the pace of the economic recovery.
Shares of American Airlines Group Inc. (NASDAQ: AAL) were 6% lower after the company said it was seeing an additional $3.5 billion in new financing to improve the airlines liquidity as it grapples with travel restrictions caused by the coronavirus.
Apple Inc. (NASDAQ: AAPL) dropped over the weekend after the company announced plans to shut down stores in Florida, North Carolina, South Carolina, and Arizona upon rising levels of COVID-19 in these states. But after announcing it would ditch Intel Corp. (NASDAQ: INTC) to produce its own chips, the stock rallied 2.25% today and lead markets higher.
The S&P 500 finished the day 0.5% higher, the Dow 0.4% higher, and the Nasdaq 0.9% higher.