Stocks rise on Wall Street

U.S. stock indexes closed mostly higher Monday, nudging the S&P 500 within striking distance of its alltime high set in February.

The S&P 500 rose 0.3% after wavering between small gains and losses in the early going. The benchmark index is now within 1% of its last record high.

The gains came on the first trading day since President Donald Trump announced several stopgap moves to aid the economy in response to the collapse of talks on Capitol Hill for a bigger rescue package.

Mr. Trump signed executive orders over the weekend to extend an expired benefit for unemployed workers, among other things. The orders were more limited than what investors hoped to see from a full rescue bill for the economy, but hopes remain that the White House and Congress can return to talks and find a compromise.

The S&P 500 gained 9.19 points to 3,360.47. The Dow Jones Industrial Average rose 357.96 points, or 1.3%, to 27,791.44. The Nasdaq composite lost 42.63 points, or 0.4%, to 10,968.36.

Most stocks across Wall Street notched gains, with hotels, cruise operators and airlines — among the hardesthit companies due to the pandemic — being big gainers. Smaller stocks also had a strong showing, pushing the Russell 2000 index up 15.49 points, or 1%, to 1,584.67. Losses in technology, health care and communication services stocks, which have been among the biggest gainers this year, kept the market’s gains in check.

“The more economically sensitive stocks are driving the market higher,” said Brent Schutte, chief investment strategist of Northwestern Mutual Wealth Management. “The rest of the market today and over the past few days is doing better.”

MGM Resorts International jumped 13.8% for the biggest gain in the S&P 500 after IAC disclosed that it had built a roughly $1 billion stake in the company. Like other businesses that depend on people feeling safe enough to travel, MGM Resorts has been pummeled by the pandemic, and its shares more than halved in March alone.