Wall St. edges higher as Dow hits record on cyclicals’ gains

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Wall St. edges higher as Dow hits record on cyclicals’ gains

On Monday, a swathe of Wall St. stock indices had closed out the session in an upbeat tenure as US Congress had voted 228 to 206 to seal a $1 trillion infrastructure bill, driving industrials, materials alongside economy-focused sectors higher, though Tesla Inc shares fell about 4.6 per cent after Musk said he he would sell off 10 per cent of his Tesla stocks.

In point of fact, as the US Congress had voted to pass a $1 trillion infrastructure bill and sent in to US President Joe Biden, who had often hailed the legislation as a once in a generation investment, to sign it off into a law, five of major eleven S&P 500 indices closed higher, while tourism and travel stocks stepped up as the United States reopened its border for international tourists after long 20 months.

Nonetheless, Tesla Inc has been a major drag on both S&P 500 and Nasdaq, as Chief Executive Musk tweeted that he would sell off 10 per cent of its Tesla stocks, evaporating as many as $60 billion in a single session.

Wall Street gains as tourism stocks rally

Citing statistics, in the day’s Wall St. round-off, benchmark S&P 500 rose 0.09 per cent to 4,701.70 and trade-sensitive Dow gained 0.29 per cent to 36,432.22, remarking a record closing high, while tech-heavy Nasdaq added 0.06 per cent to 15,982.36.

Meanwhile, addressing to US infrastructure bill, a major triumph for the Democrats, Chief Executive at AXS Investments in Port Chester, New York, Greg Bassuk said, “That infrastructure bill is going to put some energy into companies like 3M, Caterpillar and other companies that power the industrial sector, but we also think the materials sector is going to really benefit from that bill.

While there'll be some downward pressure on Tesla in anticipation of Musk selling shares ... we think that could create a buying opportunity because nothing has changed with respect to the underlying fundamentals and the outlook”.