Monday Stock Market Update
The Dow Jones Industrial Average and S&P 500 posted gains, while the Nasdaq Composite fell on Monday, according to CNBC.
- The Dow Jones Industrial Average gained 357 points, or 1.30 percent, to close at 27,791.44.
- The S&P 500 gained 0.30 percent to close at 3,360.47.
- The Nasdaq Composite fell 0.40 percent to close at 10,968.36.
This past weekend, President Donald Trump signed executive orders to extend additional unemployment benefits, defer student loan payments through 2020, and provide a payroll tax holiday. However, Trump faces legal challenges as these programs require federal funding, which lies in the hands of Congress. “While this move by Trump may lead to legal challenges, politically it puts pressure on Congress to reach a deal,” said a market expert.
The Dow Jones surged as Boeing and Caterpillar rose 5.5 percent and 5.3 percent respectively. Major tech companies posted losses for the session. Microsoft fell 2 percent, Facebook fell 2 percent, and Amazon fell 0.6 percent.
Tomorrow BioNTech will report earnings and the producer price index data will be released.