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Nasdaq jumps, Dow sinks as Biden begins first full week

Nasdaq jumps, Dow sinks as Biden begins first full week

Stock markets closed with mixed results Monday, with the Nasdaq jumping and the Dow Jones Industrial Average falling, as President Biden embarked on his first full week in office.

The Dow Jones Industrial Average closed down 37 points, or 0.1 percent, while the tech-heavy Nasdaq jumped 93 points, orĀ 0.7 percent, and the S&P 500 inched up 14 points, or 0.4 percent.

Major companies on the stock indexes, such as Apple, Tesla and Boeing, are expected to announce their earnings this week.

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Biden on Monday is set to sign a "Buy American" executive order that will tighten federal contracting and procurement rules to ensure more federal spending is directed within the country.

Moderna also announced that it was working on a booster shot to battle a South African variant of the coronavirus, even though it said its current vaccine remained effective.

Updated at 4:12 p.m.