The Dow Jones Industrial Average climbed on Monday as investors piled into economic comeback plays after Senate approval of a new COVID stimulus package, while a continuous selloff in high-flying tech shares put pressure on the broader market.
The 30-stock index leaped 306.14, or 1.4%, points to finish Monday at 31,802.44
The S&P backed off 20.49 points to 3,821.35.
The NASDAQ Composite stumbled 310.99 points, or 2.4%, to 12,457.78, as Apple dropped 4.2% and Tesla fell 5.8%. Alphabet and Netflix both slipped more than 4%. The tech-heavy benchmark closed more than 10% below its 52-week high, falling into correction territory.
For March, the Dow Industrials, leveraged more to the reopening, is up 2.8%, while the NASDAQ is off by 4.4%. Meanwhile, the broader S&P 500 is up 0.3%.
Disney shares added more than 6% after California eased COVID rules, paving the way for Disneyland to reopen on a limited basis in April. American Airlines jumped nearly 5%, while United Airlines popped 7%. Target rose 2.5%.
The Senate passed a $1.9-trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments.
The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
Prices for 10-Year Treasurys sagged, raising yields to 1.61% from Friday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.41 to $64.48 U.S. a barrel.
Gold prices dulled $20.60 to $1,677.90.