PHENIX has measured the e + e − pair continuum in √ sNN =200 GeV Au + Au and p+p collisions over a wide range of mass and transverse momenta. The e + e − yield is compared to the expectations from hadronic sources, based on PHENIX measurements. In the intermediate-mass region, between the masses of the φ and the J/ψ meson, the yield is consistent with expectations from correlated cc production, although other mechanisms are not ruled out. In the low mass region, below the φ, the p + p inclusive mass spectrum is well described by known contributions from light meson decays. In contrast, the Au + Au minimum bias inclusive mass spectrum in this region shows an enhancement by a factor of 4.7 ± 0.4 stat ± 1.5 syst ± 0.9 model . At low mass (mee < 0.3 GeV/c 2 ) and high pT (1 < pT <5 GeV/c) an enhanced e + e − pair yield is observed that is consistent with production of virtual direct photons. This excess is used to infer the yield of real direct photons. In central Au + Au collisions, the excess of the direct photon yield over the p + p is exponential in pT , with inverse slope T = 221 ± 19 stat ± 19 syst MeV. Hydrodynamical models with initial temperatures ranging from Tinit ≃ 300-600 MeV at times of 0.6-0.15 fm/c after the collision are in qualitative agreement with the direct photon data in Au + Au. For low pT < 1 GeV/c the low-mass region shows a further significant enhancement that increases with centrality and has an inverse slope of T ≃ 100 MeV. Theoretical models under predict the low-mass, low-pT enhancement.