The S&P 500 closed at a record high Monday after Congress approved an infrastructure spending package.
The Dow Jones Industrials kept climbing, 104.27 points Monday, to 36,432.22
The much-broader index added 4.17 points to add to Friday’s all-time high at 4,701.70. The S&P 500 has now posted 64 record closes in 2021 and is up more than 25% this year.
The NASDAQ Composite gained 10.77 points to 15,982.36. All three stock averages posted record closes.
Industrials and materials stocks rallied Monday with those names set to benefit from the spending package.
Mining company Freeport-McMoRan, construction materials stock Vulcan and steel corporation Nucor were among the top gainers on the S&P 500. Construction equipment manufacturer Caterpillar led the Dow’s rally with a 4% gain. Heavy equipment producer Deere saw its shares rise 1.6%. United Rentals, Martin Marietta and Jacobs Engineering were among other infrastructure-related gainers.
Elsewhere, chip maker Advanced Micro Devices led gains on the S&P 500 and the NASDAQ. AMD rallied 10.1% 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 4%.
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.
Prices for 10-year Treasurys sagged, raising yields to 1.50% from Friday’s 1.45%. Treasury prices and yields move in opposite directions.
Oil prices added 94 cents to $82.21 U.S. a barrel.
Gold prices shot higher $9.40 to $1,826.20 U.S. an ounce.
S&P Surpasses 4,700 for First Time