Dow Jones posts modest 26 point gain on Monday

The Dow Jones Industrial Average on Monday posted a modest 26.07 point gain, following a 622 point drop on Friday last week. The S&P 500 and Nasdaq on Monday gained 0.4 percent and 1.2 percent, respectively.

While such stocks as Microsoft, Apple, Facebook and Netflix posted gains on Monday, airline companies suffered after renowned investing magnate Warren Buffett announced Saturday that Berkshire Hathaway unloaded airline stocks.

While some states are moving toward relaxing coronavirus-related restrictions, the U.S. economy has taken a beating amid the pandemic with approximately 30 million people filing for unemployment during a six-week period. The nation's Gross Domestic Product decreased 4.8 percent during the first quarter.

Markets appeared to react positively last week to indications that Gilead Sciences' drug remdesivir may be useful in treating coronavirus patients. The drug will soon be available, say Gilead Sciences Chairman and CEO Daniel O'Day.

“We expect stocks to remain volatile as markets struggle to find a balance between announcements on the lifting of lockdowns, data on potential treatments and vaccines, economic releases, news on the course of the pandemic, and changing political dynamics,” Chief Investment Officer at UBS Global Wealth Management Mark Haefele said Monday in a note according to CNBC.