There are other factors that seem to be driving markets, including positive reports on U.S. manufacturing. According to the Institute for Supply Management, manufacturing PMI increased to 54.2, ahead of the DOW estimate of 53.8.
Investors have also been watching Washington D.C. closely as Congress and the Trump Administration works towards another coronavirus relief package.
Currently, Republicans and Democrats remain deadlocked on the plan with negotiations continuing over the weekend and into this week.
The major sticking point has been federal unemployment assistance which kicked in, in March but has since expired. Republicans are looking to reduce the amount to $200 while Democrats have argued to keep assistance levels at $600.
Also, traders and economists are eagerly awaiting the July jobs report, set to be released this Friday, which will play a big role in market optimism for the remainder of August.
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