U.S. stocks rose on Monday, as investors weighed halting steps toward a new coronavirus relief package and the country registered its lowest number of new infections in weeks.

The S&P 500 ticked up 0.6% in early New York trading. The index climbed 5.5% in July. The Dow Jones Industrial Average added 130 points, or 0.5%, while the Nasdaq Composite Index advanced 0.9%.

Trading volumes are expected to slide in coming weeks with the onset of the summer vacation season, leading to an increase in volatility.

Investors were heartened by a smaller daily rise in U.S. Covid 19 cases, despite delays to a deal on further fiscal support for the American economy. The U.S. reported more than 47,000 new coronavirus cases, the smallest daily increase in almost four weeks, after posting a record number of new infections in the month of July.

“A couple of weeks ago, U.S. cases were rising by 40-50% on a weekly basis. They’re now falling. Not as fast as they might appear, because testing has dropped, but they are still lower and so is the rate of hospitalization. Markets like that,” said Ian Sheperdson, chief economist at Pantheon Macroeconomics.

Overseas, the pan-continental Stoxx Europe 600 rose 1.7%, bolstered by survey data showing signs of recovery in euro area factories. Read more at FOX News