The Dow rises 150 points to start week as the White House and Congress battle over coronavirus relief.
"The fiscal cliff still represents downside risk for August," said Aneta Markowska, chief financial economist at Jefferies. Markowska added, however, any weakness from this will be "short-lived."
"By September, another round of fiscal support will create positive momentum. The reopening of schools, even if only in some states, will reinforce the positive momentum by boosting back-to-school shopping and allowing more parents to return to work in September," she said in a note to clients. "Bottom line, all the stars are lining up for another inflection point in activity and a second leg up in the reopening.
Wall Street was coming off a strong weekly performance. The Dow rose 3.8% last week for its biggest weekly gain since June. The S&P 500 climbed 2.5% along with the Nasdaq Composite. Last week's gains come during a historically tough time for the market asThose gains were led in part by Facebook, Apple and Microsoft, all of which rose by more than 3% last week. They also left the S&P 500 just 1.2% below its Feb. 19 record high.
Investors also kept on eye on the worsening relationship between the U.S. and China. On Monday, China said it would apply sanctions against 11 U.S. citizens including senators Ted Cruz and Marco Rubio. The move is a retaliation against Washington's sanctions on 11 Hong Kong and Chinese officials for curtailing political freedoms in the city.for exclusive insights and analysis, and live business day programming from around the world.
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