The Dow Jones closed 0.5% higher, hitting a new all-time high. The broad S&P 500 rose 0.1%. However, the Nasdaq Technology Index fell 0.5% on fears that tech companies will take a hit if the US Federal Reserve starts reducing support for the economy.
And so the Senate approved a massive $550 billion package of infrastructure investment. Billions will be spent on improving roads, railways, bridges and improving internet connections. Combined with pre-approved investments, the total comes to nearly $1.2 trillion ($1,200 billion). The Senate approval represents a clear victory for US President Joe Biden. Material and machinery suppliers for major projects such as Caterpillar (+2.5%), Deere (+2%) and Vulcan Materials (+2.2%) were in demand as they are expected to benefit from infrastructure investment.
AMC initially gained nearly 6%, but is down 6.1% for the day. The American cinema chain has received more visitors in recent months after the easing of Corona measures. In addition, AMC announced that it will allow bitcoin purchases before the end of the year.
Tesla shares fell 0.5 percent. The number of cars delivered in China last month reached 8,600, which is a sharp decrease compared to the previous month.
Shares of Moderna, the vaccine maker, fell 5.7 percent, after the stock rose 17 percent in value the previous day. The company will sign an agreement with the Canadian government to build an mRNA production facility in Canada.
Oil prices and oil company prices rose again on Tuesday and offset some of Monday’s losses. The sector was previously under pressure due to a report by the United Nations Climate Panel. Oil companies ExxonMobil (+1.7%) and Chevron (+1.9%) saw gains.
“Lifelong zombie fanatic. Hardcore web practitioner. Thinker. Music expert. Unapologetic pop culture scholar.”