Markets

Here's what happened to the stock market on Monday

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'Bubble' puts BTIG's Julian Emanuel on market pullback watch

Dow Jones Industrial Average rises 357 points

The Dow climbed 357 points, or 1.3%, to close at 27,791.44. The S&P 500 gained 0.3% to end the day at 3360.47, about 1% from an all-time high. The Nasdaq Composite dipped 0.4% to 10,968.36. Stocks tried to build on last week's momentum even as lawmakers struggle to make inroads on a new coronavirus deal.

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.

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