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The Dow Jones Industrial Average rallied on Monday even amid uncertainty over a new coronavirus stimulus package.
The 30-stock average remained in nosebleed country, having gained 278.06 points to 27,711.54.
The S&P 500 regained 8.24 points to 3,359.52.
The NASDAQ remained negative 20.54 points by mid-Monday to 10,990.45.
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 lost a bit of ground, raising yields to 0.57% from Friday’s 0.56%. Treasury prices and yields move in opposite directions
Oil prices climbed $1.04 to $42.26 U.S. a barrel.
Gold prices stayed upward $12.90 to $2,040.90 U.S. an ounce.
