MTS Help Center

Dow rises 160 points to close at a record after Senate passes $1 trillion infrastructure bill

Stocks rose on Tuesday, pushing the Dow and S&P 500 to new records, after the Senate’s passage of a $1 trillion infrastructure package boosted stocks tied to economic growth.

The Dow Jones Industrial Average rose 162.82 points to 35,264.67 to close at a record, led by Caterpillar, which gained nearly 2.5%. The S&P 500 rose 0.1% to 4,436.75 and closed at a fresh all-time high. Meanwhile, the Nasdaq Composite dipped about 0.5% to 14,788.09, as a rise in Treasury yields weighed on tech stocks.

The Senate’s infrastructure plan, which includes $550 billion in new spending on transportation and broadband, is expected to help give the economy a boost as peak growth slows following the reopening from the pandemic.

Investors await the consumer price index and producer price index data, both of which measure inflation and are scheduled to come out Wednesday and Thursday, respectively.

A handful of central bank speakers, including Kansas City Fed President Esther George, are also expected this week. Investors will be listening for clues on how the Fed is approaching dialing back its bond purchases.

Reference: CNBC