Wall St edges higher ahead of one trillion dollar infrastructure bill vote | Inquirer
 
 
 
 
 
 

Wall St edges higher ahead of one trillion dollar infrastructure bill vote

/ 09:33 AM August 10, 2021

On Tuesday, Wall Street’s main indexes edged higher, helped by a rebound in oil stocks, while investors awaited a Senate vote on a much-anticipated $1 trillion infrastructure bill.

Six of the 11 major S&P sectors rose in early trading. The energy sector tracked a recovery in oil prices from a three-week low and was the top gainer, followed by materials shares.

After the vote on the bipartisan infrastructure bill at 11 a.m., the Senate will immediately begin to debate $3.5 trillion in additional investments to jump-start road and bridge-building projects over the next five years and new social programs over the next decade.

With new coronavirus cases rising steadily in the United States, progress on the infrastructure package is expected to help gauge fiscal support for the next leg of recovery in the world’s largest economy.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

The rapid spread of the Delta variant has pushed cases and hospitalizations to a six-month high, with COVID-19 cases averaging 100,000 for three days in a row – up 35% over the past week.

Wall St edges higher ahead of one trillion dollar infrastructure bill vote

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri

“We are sort of in a holding pattern. The Delta variant is causing investors to sit on their hands and not really do anything with their portfolios at this point,” said Sam Stovall, chief investment strategist at CFRA.

Investor focus is also on inflation numbers due later this week for hints about the path of Federal Reserve policy, after two Fed officials said on Monday inflation was already at a level that could satisfy one leg of a key test for the beginning of rate hikes.

ADVERTISEMENT

ON MONDAY, the S&P 500 and the Dow dipped from record highs, weighed down by a fall in oil stocks and concerns of a sooner-than-expected Fed tapering after a strong jobs report last week.

“We’ve seen the participation of the market narrow, and that usually is an indication of some digestion that is likely to occur. We need to reset the dials before moving significantly higher,” Stovall said.

At 9:58 a.m. ET, the Dow Jones Industrial Average was up 70.53 points, or 0.20%, at 35,172.38, the S&P 500 was up 8.41 points, or 0.19%, at 4,440.76, and the Nasdaq Composite was up 23.54 points, or 0.16%, at 14,883.72.

ADVERTISEMENT

After beating second-quarter revenue estimates, AMC Entertainment jumped 5.7% as moviegoers returned to its theaters after a year of closures and restrictions.

Kansas City Southern gained 7.8% after Canadian Pacific Railway Ltd raised its offer for the U.S. railroad operator by about $2 billion to $27.29 billion.

SVB Financial Group slipped 2.7% on a discounted $1.25 billion equity offering.

Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.10-to-1 ratio on the Nasdaq.

The S&P index recorded 19 new 52-week highs and 2 new lows, while the Nasdaq recorded 35 new highs and 36 new lows.

(Reporting by Devik Jain in Bengaluru; Editing by Aditya Soni and Subhranshu Sahu)

Want stories like this delivered straight to your inbox? Stay informed. Stay ahead. Subscribe to InqMORNING

Don't miss out on the latest news and information.
TAGS:
For feedback, complaints, or inquiries, contact us.
No tags found for this post.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.




This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.