Stocks ended mixed on Monday as investors digested the passage of President Joe Biden's $1.9 trillion coronavirus stimulus package by the Senate alongside climbing U.S. Treasury yields. The Dow Jones Industrial Average popped to a record intraday high before giving back some gains to close just over 300 points higher, while the S&P 500 and Nasdaq sliped lower, with the latter underperforming by 2% as tech share dropped into correction territory.
On Saturday, the Senate passed a $1.9 trillion economic relief bill, including another round of direct checks to individuals, extension of unemployment benefits, and aid to state and local governments. The House is expected to pass the bill this week, with President Biden signing it into law soon after.
Here's how the market settled to open the week:
S&P 500 Index (NYSE: SPY): -0.54% or -20.65 points to 3,821.29
Dow Jones Industrial Average (NYSE: DIA): +0.97% or +306.08 points to 31,802.38
Nasdaq Composite Index (NASDAQ: QQQ): -2.41% or -310.99 points to 12,609.16
For Stocks, Disney (NYSE: DIS) jumped on Monday after California announced it would allow amusement parks to reopen with limited capacity in April. Tech stocks were among the biggest decliners, with Apple (NASDAQ: AAPL) falling over 4.2%, and Alphabet (NASDAQ: GOOG) and Netflix (NASDAQ: NFLX) dropping more than 4%.
For Sector Performance, sectors settled mostly higher Industrials (NYSE: XLI), Financials (NYSE: XLF), Materials (NYSE: XLB) and Utilities (NYSE: XLU) outperforming. Communication Services (NYSE: XLC) and Information Technology (NYSE: XLK) were the biggest decliners, falling over 1% and 2%, respectively.
For Commodities and Currency, the U.S. Dollar (NYSE: UUP) rose to a more than three month high against other global currencies on Monday on expectations of strong U.S. economic growth and rising inflation boosted the dollar's appeal. The dollar index, which tracks the greenback against six other currencies, jumped 0.53% at 92.38. Gold (NYSE: GLD) prices declined against the rising dollar on Monday. Spot gold slipped 1.1% to $1,681.41 per ounce, while U.S. gold futures settled 1.2% lower at $1,678.00 per ounce. Crude oil futures jumped before giving back gains on Monday after Saudi Arabia announced that its oil facilities were targeted by a drone and missile attack over the weekend. International benchmark Brent Crude (NYSE: BNO) climbed above $70 for the first time in more than a year on Monday, before falling 1.61% to settle at $68.24 per barrel, while domestic index West Texas Intermediate (NYSE: USO) slipped 1.57% lower to $65.05 each.
For Tuesday, investors will focus on the House's vote on the $1.9 trillion coronavirus stimulus package.