The Dow Jones Industrials gained 90.48 points to 29,192.99.
The S&P 500 added 13.11 points at 3,340.82.
The NASDAQ hiked 64.15 points to 9,584.67.
Amazon rose 1.7% to a record high, breaking above $2,100 per share for the first time. Netflix and Alphabet also traded more than 1% higher while Facebook climbed 0.4%.
Apple shares fell as much as 1.9% amid concerns the outbreak will hurt production of the tech giant’s best-selling product, the iPhone. Foxconn, one of Apple’s biggest suppliers, got approval to resume production at a key manufacturing plant but only 10% of its workforce has returned.
In other corporate news, Xerox raised its offer to buy HP Inc to $24 per share, or about $34 billion. That’s up from a $22 per share offer made by Xerox in November. Xerox shares gained 2% along with HP.
Meanwhile, L Brands is closing in on a sale of its Victoria’s Secret brand to Sycamore Partners. L Brands shares jumped more than 3%.
As of Sunday night, China said a total of 40,171 cases of coronavirus had been confirmed and 908 people had died, while 14 Americans have tested positive for the virus aboard a cruise ship quarantined in Japan. The death toll from the coronavirus has also overtaken that of the SARS outbreak in the early 2000s.
Chinese President Xi Jinping said China would speed up the development of drugs aimed at treating pneumonia-like viruses. Xi also said China will win the fight against the coronavirus. He noted, however, the situation remains dire.
Prices for the 10-Year U.S. Treasury moved higher, lowering yields to 1.55% from Thursday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices backed off 54 cents to $49.78 U.S. a barrel.
Gold prices hiked $4.10 to $1,577.50 U.S. an ounce.