Magical Trade
Wednesday, August 10, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Dow inches higher to record after Congress passes infrastructure bill, Tesla weighs on S&P

by
November 8, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Bank of America adds Meta to best ideas list, removes Alphabet

Disney’s earnings could define how the media industry views streaming’s future

Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.

Spencer Platt | Getty Images

The Dow Jones Industrial Average jumped to a new intraday high Monday after Congress approved an infrastructure spending package.

The blue-chip average edged up about 17 points after gaining more than 230 points at its record high earlier in the session. The S&P 500 traded near the flatline and the Nasdaq Composite ticked up 0.1%.

The U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.

“Investors have waited for a significant step-up in infrastructure spending for decades,” Citi’s Anthony Pettinari said in a note Sunday. “We view this generational investment as a significant catalyst for growth for a number of our stocks.”

Industrials and materials stocks rallied Monday with those names set to benefit from the spending package. The Global X U.S. Infrastructure Development exchange-traded fund hit a new all-time high dating back to its inception in 2017.

Construction equipment manufacturer Caterpillar led the Dow’s rally with a more than 3% gain. Heavy equipment producer Deere saw its shares rise more than 2%. Nucor and Vulcan Materials each added more than 3%. United Rentals, Martin Marietta, Quanta and Jacobs Engineering were among the other infrastructure-related gainers.

Elsewhere, chip maker Advanced Micro Devices led gainers on the Nasdaq Composite and the S&P 500. AMD rallied more than 9% after the company announced it won Meta, formerly known as Facebook, as a chip customer and revealed new chip products.

Meanwhile, Tesla founder Elon Musk rattled investors this weekend, asking in a Twitter poll whether he should sell 10% of his stock as a response to political clamoring to tax unrealized gains from equity holdings. As some 58% of respondents said yes, shares in Tesla dropped more than 3% and weighed on the S&P 500.

The passage of the infrastructure stimulus, an improving Covid situation in the U.S., and a better-than-expected labor market reading boosted investor confidence in the economic recovery. The October jobs report came in Friday better than economists expected as U.S. payrolls added 531,000 jobs last month, according to the Labor Department.

“We expect Equities to continue to climb the ‘wall of worry’, as risks look largely priced in and showing signs of improvement,” JPMorgan’s Marko Kolanovic said in a note Monday.

The three major U.S. stock averages each closed at record highs Friday to cap off a winning week with the S&P 500 posting its 63rd record close in 2021. The S&P 500 is up more than 24% this year.

Loading chart…

Investors await fresh inflation readings in the week ahead. The producer price index and consumer price index are slated for release on Tuesday and Wednesday, respectively. Economists expect both reports to remain hot for October.

The Federal Reserve is eyeing both inflation and jobs data to guide its timeline on normalizing monetary policy.

Last week, the Fed announced a plan to begin tapering its pandemic-era economic aid by the end of November, putting the central bank on track to end its asset purchase program by the middle of next year.

ShareTweetPin

Related Posts

Bank of America adds Meta to best ideas list, removes Alphabet

by
August 10, 2022
0

Bank of America added Meta to its best investment ideas list called "US 1," while removing Google-parent Alphabet. The investment...

Disney’s earnings could define how the media industry views streaming’s future

by
August 10, 2022
0

In this article DIS A performer dressed as Mickey Mouse entertains guests during the reopening of the Disneyland theme park...

5 things to know before the stock market opens Wednesday

by
August 10, 2022
0

Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York, August 8, 2022. Andrew...

Morgan Stanley downgrades Allbirds, says stock is stuck until ‘path to profitability is more clear’

by
August 10, 2022
0

Shares of Allbirds could see limited upside until the path to profitability becomes more clear, according to Morgan Stanley. Analyst...

Wild swings in mortgage rates last week caused a rare surge in refinancing

by
August 10, 2022
0

An "Open House" sign at the Saratoga Homes Glendale Lakes community development in Arcola, Texas, on Tuesday, July 12, 2022....

Next Post

This Goldman portfolio of stocks with pricing power trounced the market in October

As the bipartisan infrastructure bill passes, here's what's next for Biden's economic plans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs "Will Higher Rates Put Out the Housing Fire?"

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net