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Wall Street closes up on infrastructure gains but Tesla weighs

Stock MarketsNov 08, 2021 08:25PM ET
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© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

By Stephen Culp

NEW YORK (Reuters) - Wall Street stocks ended slightly higher on Monday, rising early after passage of a U.S. infrastructure spending bill but paring gains late as sliding Tesla (NASDAQ:TSLA) shares weighed the indexes down.

Still, the S&P 500 and the Nasdaq extended their run of all-time closing highs to eight straight sessions. The blue-chip Dow notched its second consecutive record closing high.

"It has become a self-fulfilling prophesy," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

"Why are the indexes going up? Because people are buying," Nolte added. "Why are they buying? Because the indexes going up."

Tesla Inc was the heaviest weight on the S&P 500. Its shares fell 4.9% following CEO Elon Musk's Twitter (NYSE:TWTR) poll on whether he should sell about 10% of his holdings of stock in the electric automaker company he founded. The poll garnered more than 3.5 million votes, with 57.9% voting "Yes".

Economically sensitive cyclicals and chips led the charge higher, with the Philadelphia SE Semiconductor index also hitting a record high close.

Industrials and materials got a boost after the U.S. Congress passed President Joe Biden's $1 trillion infrastructure spending bill on Saturday.

"Over the weekend we got another trillion dollars thrown at the economy which is already running hot," Nolte said. "So investors are looking at that as a very good thing for equity markets."

Caterpillar Inc (NYSE:CAT), Cleveland-Cliffs (NYSE:CLF) Inc, Freeport McMoRan and U.S. Steel Corp were among companies riding the wave to solid gains, between 2.7% and 6.5%.

Lawmakers now turn to Biden's social spending bill, with the House of Representatives expected to vote on the measure next week, according to White House economic adviser Brian Deese.

The Dow Jones Industrial Average rose 104.27 points, or 0.29%, to 36,432.22, the S&P 500 gained 4.17 points, or 0.09%, to 4,701.7 and the Nasdaq Composite added 10.77 points, or 0.07%, to 15,982.36.

Among the 11 major sectors in the S&P 500, materials gained the most at 1.2% while utilities suffered the session's largest percentage loss.

The third-quarter reporting season has reached the final stretch, with 445 of the companies in the S&P 500 having reported as of Friday. Of those, 81% have come in above analyst expectations, according to Refinitiv.

Cryptocurrency and blockchain-related stocks, including those of Coinbase (NASDAQ:COIN) Global, Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings and MicroStrategy Inc rose between 5% and 18%, as ether scaled new peaks and bitcoin neared a record high.

Shares of cosmetics maker Coty (NYSE:COTY) Inc surged 15.1% after the company hiked annual organic sales forecast.

Nextdoor Holdings Inc jumped 17.0% in its volatile debut after the neighborhood network platform was brought public in a deal with Khosla Ventures Acquisition Co II, a special purpose acquisition company (SPAC).

Advancing issues outnumbered declining ones on the NYSE by a 1.37-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored advancers.

The S&P 500 posted 50 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 208 new highs and 54 new lows.

Volume on U.S. exchanges was 11.00 billion shares, compared with the 10.66 billion average over the last 20 trading days.

Wall Street closes up on infrastructure gains but Tesla weighs
 

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Comments (8)
Rodney Dangerfield
Rodney Dangerfield Nov 08, 2021 6:12PM ET
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89% of stocks are owned by those in the top 10% of wealth in the United States
Empire Destroyer
Empire Destroyer Nov 08, 2021 6:12PM ET
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You sure? A lot of people on here with above average salary and literally making loads of money each day buying and selling stocks... or so they say
Rodney Dangerfield
Rodney Dangerfield Nov 08, 2021 6:12PM ET
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Empire Destroyer that's not my number you tell me
Jo Pa
Jo Pa Nov 08, 2021 1:52PM ET
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No one ever talks about how increased taxes to pay for the bill hurts stocks. Not if it offends the tax and spend party.
Dave Jones
Dave Jones Nov 08, 2021 1:45PM ET
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wasn't this priced in already? it's not like it's a shock
King Agamemnon
King_Agamemnon Nov 08, 2021 1:34PM ET
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Trillion plus in debt financing needed just as FED decides to taper. Let's go BRandon!
Cal Lowe
Cal Lowe Nov 08, 2021 1:08PM ET
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Taxes will *****
ben sc
ben sc Nov 08, 2021 12:33PM ET
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when a trillion dollar boon doggie doesn't move markets......
Stan Smith
Stan Smith Nov 08, 2021 11:58AM ET
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All in Bag holders
Joe Blow
Joe Blow Nov 08, 2021 10:28AM ET
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Let's go Brandon.
 
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