Stocks open flat after a week of gains

The stock market opened flat on Monday, coming off solid gains throughout last week.

The Dow Jones Industrial Average was down 33 points, or 0.1 percent, and the S&P 500 was up 1 point, or 0.1 percent, in the opening minutes of trading.

The flat opening follows a week where markets had rallied, with the Dow rising 2.3 percent and the S&P 500 gaining 1.3 percent on optimism for possible medical breakthroughs on vaccines and treatments for the coronavirus.

But the upswing in the market also coincided with a continued spike in the number of coronavirus cases nationwide. Several states have continued to break records with new cases.

Hospitals in parts of Florida and Texas have reported that they have reached capacity and the nationwide death toll from the virus has started ticking up.

Markets have also been intently watching Washington, where Congress is negotiating the next COVID-19 relief bill. Democrats passed a $3 trillion relief measure in May, but Senate Republicans are expected to unveil a smaller, $1 trillion bill this week.

House Speaker Nancy Pelosi (D-Calif.) said last week that the figure under discussion was hovering around $1.3 trillion, but said she did not think that was enough aid as many businesses remain closed and unemployment has stayed in double digits.