Stocks closed mostly higher after shrugging off a bumpy start Monday, nudging the S&P 500 within striking distance of its all-time high. The gains come on the first trading day since President Trump announced several stopgap moves to aid the economy.
FILE - People walk by the New York Stock Exchange, left, Tuesday, July 21, 2020. Wall Street is drifting in early trading on Monday, Aug. 10, after President Donald Trump announced several stopgap moves to aid the economy.
The S&P 500 was up 0.2% in late-afternoon trading and within 1% of its last record high. The gains came on the first trading day since President Donald Trumpseveral stopgap moves to aid the economy, following the collapse of talks on Capitol Hill for a bigger rescue package. Most stocks in the S&P 500 and across Wall Street were higher, led by hotels, cruise operators and airlines. Smaller stocks were also doing better than the rest of the market, with the Russell 2000 index of small-cap stocks up 1.2%.
But losses for technology stocks were weighing on the market. It’s a continuation of their struggles from Friday, when worries rose that worsening U.S.-China relations could mean retaliations against the U.S. tech industry. It’s a relatively rare setback for the industry, which has been the year’s biggest winners so far and cruised through much of the pandemic. Critics had already been calling tech stocks overpriced, even after accounting for their huge and resilient profits.
Almost immediately after Trump signed the orders, critics said the moves did not go far enough to support the economy and questioned how they would work.
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