US stocks close divided after green light for infrastructure plan | Financial

The Dow Jones index closed 0.5% higher, reaching a new all-time high. The broad S&P 500 rose 0.1%. Tech gauge Nasdaq, however, fell 0.5% on fears that tech companies will be hit if the US Federal Reserve starts to cut back on support to the economy.

The Senate has thus approved the sizable package of infrastructure investments worth $550 billion. The billions will be spent on improving roads, railways, bridges and better internet connections. Together with previously approved investments, the total comes to approximately $1.2 trillion ($1200 billion). The Senate approval marks a clear victory for US President Joe Biden. Materials 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 investments .

AMC initially gained almost 6%, but went 6.1% lower for the day. The American cinema chain has welcomed more visitors in recent months after corona measures were relaxed. In addition, AMC announced that it would allow purchases with bitcoins before the end of the year.

Tesla was down 0.5%. The number of cars delivered in China last month amounted to 8600. That was a sharp drop compared to a month earlier.

Vaccine maker Moderna fell 5.7%, after the share gained 17% in value a day earlier. 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 made up for 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%) were on the rise.

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