Day Traders Diary
The major average rise to start the week as money rotated into value stocks. The Dow Jones Industrial Average surged 357 points, or 1.3% as Boeing and Dow were among the best-performing stocks in the blue-chip index, rising more than 5% each. The S&P 500 rose just 9 points while the tech-heavy Nasdaq fell 42 points.
Both the energy and industrials sectors rose more than 2.4% as cyclical stocks led the major indexes higher on the week's first day of trading. Monday's session was the S&P 500′s seventh straight day of gains. The advance left the S&P 500 less than 1% away from a record high.
In the tech space, Facebook and Netflix shares slid at least 2% each along while Microsoft lost 1.99%. Amazon dipped 0.6% and Alphabet fell 0.1%.
Monday's moves came after President Donald Trump signed several executive orders over the weekend aimed at extending coronavirus relief.
Those orders continue the distribution of expanded unemployment benefits, defer student loan payments through 2020 and provide a payroll tax holiday. However, the unemployment benefit will be continued at a reduced rate of $400 per week. Originally, the benefit provided workers impacted by the pandemic with $600 per week.
China said it will sanction 11 Americans, including several senators, for trying to undermine its authority over Hong Kong.
U.S. Treasuries finished near their flat lines. The 2-yr yield remained unchanged at 0.13%, and the 10-yr yield increased one basis point to 0.57%. The U.S. Dollar Index gained 0.2% to 93.58. WTI crude futures gained 1.9%, or $0.78, to $41.95/bbl.
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