Shares of industrial and transportation companies rose as Boeing's testing of the grounded 737MAX jet progressed.

Boeing's latest effort to get the jets back into service is slated to play out as early as this week, with another government test flight assessing the safety of software fixes, The Wall Street Journal reported.

The most populous American states, Texas, California and Florida, continued to see Covid caseloads mount, increasing concerns about hospital capacity in some major cities.

But most Wall Street strategists are confident that a widespread lockdown remains unlikely, even as some cities and states reverse earlier reopening measures.

"While we expect continued volatility, we think there are grounds for optimism that economies and markets can weather the recent acceleration in infections," said strategists at money manager UBS Global Wealth Management.

"While infections in the U.S. increased by an average of 1.7% over the weekend, fatalities increased on average by just 0.2%, in contrast to an average of 0.6% in the five days prior." 



  Write to Rob Curran at rob.curran@dowjones.com