What happened to the stock market Monday: Dow rallies, Nasdaq struggles

spike

The “Fearless Girl” statue stands in front of the New York Stock Exchange (NYSE) at Wall Street on June 29, 2020 in New York City.

Angela Weiss | AFP | Getty Images

Dow Jones Industrial Average rises 357 points

Trump signs executive orders on coronavirus relief

Over the weekend, President Donald Trump signed executive orders that continue the distribution of expanded unemployment benefits, defer student loan payments through 2020 and provide a payroll tax holiday. Still, Trump’s orders face a legal challenge as continuing the programs would require federal funding, which Congress controls. “While this move by Trump may lead to legal challenges, politically it puts pressure on Congress to reach a deal,” notes one market expert.

Boeing and Caterpillar lead Dow higher, Big Tech struggles

Boeing and Caterpillar rose 5.5% and 5.3%, respectively, to lead the Dow higher. Those gains helped offset losses from shares of major tech companies. Microsoft slid 2% and Facebook dipped 2%. Amazon slid 0.6%.

What happens next?

BioNTech is set to report earnings on Tuesday. Producer price index data is also set for release.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

Lyft, Uber, Occidental Petroleum and more

A Lyft logo is installed on a Lyft driver’s car next to an Uber sticker in Pittsburgh. Gene J. Puskar | AP Check out the companies making headlines after the bell:  Lyft, Uber — Shares of the ride-hailing duo dipped after a San Francisco Superior Court judge ruled that they convert California drivers […]