Finance

Dow surges 350 points despite congressional COVID-19 talks on ice

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The Dow Jones Industrial Average surged Monday, adding to the previous week’s gains even as talks over crucial emergency relief funds remained stalled in Congress.

The Dow closed up 358 points, or 1.3 percent, while the S&P 500 gained a more moderate 9 points, or 0.3 percent, but closed at a level close to its February high point. The tech-heavy NASDAQ retreated 43 points, or 0.4 percent.

Stock markets have been on a seemingly unstoppable upswing this month, despite $600 a week in unemployment insurance for 31 million Americans lapsing alongside an evictions moratorium on July 31.

Monday’s gains came after President Trump signed executive orders over the weekend that the president said were designed to provide some of that expired economic relief for U.S. households.

Talks between congressional Democrats and the White House stalled last week, though Treasury Secretary Steven Mnuchin told CNBC that he was open to putting more money on the table in future negotiations. Democrats have called for a return to the negotiating table.

 

Tags Coronavirus COVID-19 Donald Trump Pandemic Steven Mnuchin Stock market

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