Markets were higher Monday morning after President Donald Trump signed several executive orders over the weekend on coronavirus relief and despite intensifying tensions between the U.S. and China.
Monday morning, the Dow was up more than 200 points, the S&P 500 was up 9 points, and the Nasdaq rose 23 points before falling slightly after 10AM EST.
The markets are largely higher as Trump extends jobless benefits. However, experts emphasize that Trump's executive orders are legally dubious, and it’s unclear whether or when his measures will be implemented.
One measure offers a federal unemployment benefit of $400 per week, a reduction from $600 per week. Another measure offers relief for student borrowers.
Meanwhile, Congress is still in talks to come to consensus on a coronavirus relief deal.
Not included in Trump’s executive orders are measures on a second round of stimulus checks, funding for schools, or assistance for small businesses, all of which Congress is in the process of discussing.
Monday morning, China placed sanctions on 11 U.S. individuals, including Marco Rubio, in response to 11 sanctions that were placed on Chinese and Hong Kong officials, including Carrie Lam, by the U.S. on Friday.
Meanwhile, TikTok, the popular video-sharing platform, is reportedly planning to sue the Trump administration over its executive order to ban the app. NPR reported that Tiktok could file a federal lawsuit as soon as Tuesday.
There are over 19.8 million cases of the virus worldwide, with over 731,000 deaths. According to Johns Hopkins, the U.S. has surpassed 5 million cases with over 160,200 deaths.