The S&P 500 rose slightly on Monday as the broader market index tried to build on last week’s gain and attempted to break its Feb. 19 record high.
The Dow Jones Industrials lost 54.74 points to break for lunch hour at 27,876.28.
The S&P 500 gained 11.56 points to 3,384.23. The S&P 500 materials sector rose 0.6% as miners Newmont and Freeport-McMoRan each gained more than 2.8%. Those gains came after Barrick Gold shot up 10% following Berkshire Hathaway disclosing a stake in the company.
Despite those gains, the S&P 500 failed to notch a fresh record high after flirting with the milestone for most of last week. Through Friday’s close, the S&P 500 was just 0.6% below 3,393.52, the intraday record set in February.
The NASDAQ regained 87.45 points to 11,106.75.
Shares of Facebook, Apple, Alphabet and Microsoft all rose at least 0.1% to least the NASDAQ higher. Amazon, meanwhile, gained 0.9% after reports the e-commerce giant wants a minority stake in cloud company Rackspace Technology.
Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.
On Friday, President Donald Trump tweeted: “I am ready to send more money to States and Local governments to save jobs for Police, Fire Fighters, First Responders, and Teachers. DEMOCRATS ARE HOLDING THIS UP!”
House Speaker Nancy Pelosi said on Sunday she would call the House back into session to address funding for the U.S. Postal Service, a key issue in the stimulus negotiations.
On the U.S.-China front, Trump issued an executive order on Friday forcing ByteDance to sell or spin off its U.S. TikTok business in 90 days. Trump cited “credible evidence” that ByteDance “might take action that threatens to impair the national security of the United States.”
Prices for the 10-Year Treasury gained solidly, lowering yields to 0.67% from Friday’s 0.71%. Treasury prices and yields move in opposite directions
Oil prices improved 31 cents at $42.32 U.S. a barrel.
Gold prices moved sharply higher, $45.10, to $1,994.90 U.S. an ounce.