Stocks traded higher on Monday after President Donald Trump signed several executive orders aimed at extending coronavirus relief.
The Dow Jones Industrials barreled ahead 248.01 points to begin a new week at 27,681.49.
The S&P 500 faded 55.51 points to 3,357.42.
The NASDAQ dumped 57.33 points, to open Monday at 10,953.66.
Nike and Boeing were the best-performing stocks in the Dow, Nike rising 3.9% Boeing obtaining lift of 2.6%.
Bank stocks contributed to the early gains. JPMorgan Chase advanced more than 1% along with Citigroup, Wells Fargo and Bank of America. Energy and industrials rose 0.7% each to lead the S&P 500 higher.
Those orders continue the distribution of expanded unemployment benefits, defer student loan payments through 2020, extend a federal moratorium on evictions and provide a payroll tax holiday.
However, the unemployment benefit will be continued at a reduced rate of $400 per week. Originally, the benefit provided workers impacted by the pandemic with $600 per week.
Trump’s moves come after congressional leaders failed to make progress on a new coronavirus stimulus package last week. Several benefits from a package signed earlier in the year lapsed at the end of July, raising uncertainty about the U.S. economy moving forward.
Still, Trump’s orders face a legal challenge as continuing the programs would require federal funding, which Congress controls. Democrats have insisted they will not support a bill that does not extend the $600 per week benefit.
Investors also kept on eye on the worsening relationship between the U.S. and China. On Monday, China said it would apply sanctions against 11 U.S. citizens including senators Ted Cruz and Marco Rubio. The move is a retaliation against Washington’s sanctions on 11 Hong Kong and Chinese officials for curtailing political freedoms in the city.
Prices for the 10-Year Treasury were unchanged, keeping yields at Friday’s 0.56%.
Oil prices climbed 95 cents to $42.17 U.S. a barrel.
Gold prices leaped $31.50 to $2,059.50 U.S. an ounce.
