Dow Climbs To Five-Month Closing High But Nasdaq Closes In The Red

(RTTNews) - Stocks moved mostly higher during trading on Monday, with the Dow and the S&P 500 climbed to their best closing levels in over five months. However, weakness among technology stocks contributed to a continued pullback by the Nasdaq.

While the Nasdaq fell 42.63 points or 0.4 percent to 10,968.36, the Dow jumped 357.96 points or 1.3 percent to 27,791.44 and the S&P 500 rose 9.19 points or 0.3 percent to 3,360.47.

The strength on Wall Street came after President Donald Trump signed executive orders aimed at extending coronavirus relief to Americans.

The executive orders include an extension of expanded unemployment benefits, a deferral of student loan payments through 2020, a federal moratorium on evictions and a payroll tax holiday.

Trump signed the orders as lawmakers continue to struggle to reach an agreement on a new coronavirus relief package.

However, the orders are likely to face legal challenges, as Congress controls the funding needed to continue the programs.

Concerns about rising tensions between the U.S. and China also helped to keep buying interest somewhat subdued on the day.

Airline stocks showed a substantial move to the upside on the day, driving the NYSE Arca Airline Index up by 5 percent.

The rally by airline stocks came as federal data showed the number of people passing through Transportation Security Administration checkpoints at U.S. airports rose to the highest level since March 17 on Sunday.

Considerable strength was also visible among energy stocks, which moved higher along with the price of crude oil. Crude for September delivery climbed $0.72 to $41.94 a barrel.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index surged up by 3.8 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index jumped by 2.9 percent and 2.7 percent, respectively.

Steel, transportation and computer hardware stocks also saw notable strength on the day, while weakness was visible among software, gold, and biotechnology stocks.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. China's Shanghai Composite Index advanced by 0.8 percent, while Australia's S&P/ASX 200 Index jumped by 1.8 percent.

The major European markets also moved to the upside on the day. While the German DAX Index inched up by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index rose by 0.3 percent and 0.4 percent, respectively.

In the bond market, treasuries moved modestly lower over the course of the trading session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by 1.2 basis points to 0.574 percent.

The economic calendar remains relatively quiet on Tuesday, although traders are likely to keep an eye on the Labor Department's report on producer price inflation.