Wall Street has closed in on infrastructure gains, but Tesla has weight on Reuters

By Stephen Culp

NEW YORK (Reuters) – Shares of Wall Street rose slightly on Monday, earning investors earlier in the day as they encouraged acceptance of the US infrastructure bill, but profits fell sharply as Tesla (NASDAQ 🙂 shares fell in indices.

The top three U.S. stock indices reduced early gains, but closed higher. However, and the Nasdaq have extended the trajectory of the highest closures of all time to eight consecutive sessions.

“It’s become a self-fulfilling prophecy,” said Paul Nolt, Chicago’s Kingsview Asset Management portfolio manager.

“Why are the indexes going up? Because people are buying,” Nolt added. “Why do they buy it? Because the index is going up.”

Tesla Inc. had the highest weight in the S&P 500. His shares fell after CEO Elon Musk’s Twitter (NYSE 🙂 survey asked whether he should sell about 10% of the shares of the electric car company he created. The poll garnered more than 3.5 million votes, with 57.9% saying “Yes”.

Economically sensitive cyclists, small caps and chips carried the load higher, setting a record.

Industry and materials gained momentum after the U.S. Congress approved a $ 1 trillion infrastructure bill from President Joe Biden on Saturday.

“We threw another trillion dollars into the economy that is already heating up over the weekend,” Nolt said. “So investors see that as a very good thing for the stock markets.”

The caterpillar Inc. (NYSE :), Cleveland-Cliffs (NYSE 🙂 Inc., Freeport McMoRan and US Steel Corp were among the companies to make strong profits on the wave.

Lawmakers are now turning to Biden’s social spending bill, which the House of Representatives expects to pass the measure next week, according to White House economic adviser Brian Deese.

According to preliminary data, the S&P 500 gained 4.09 points, or 0.09%, to 4,701.53 points, while the Nasdaq Composite gained 9.73 points, or 0.06%, to 15,981.31. The Dow Jones Industrial Average rose 108.45 points, or 0.30%, to 36,436.40.

The third-quarter report season has reached its final high, with 445 companies in the S&P 500 reported as of Friday. Of those, 81% came above analysts ’expectations, according to Refinitiv.

Stocks related to cryptocurrency and blockchain, shares of Coinbase (NASDAQ 🙂 Global, Riot Blockchain (NASDAQ :), Marathon Digital Holdings and MicroStrategy Inc rose sharply, ether scaled new highs and bitcoin approached a record high.

Shares of cosmetic manufacturer Coty (NYSE 🙂 Inc. rose after the company raised its forecast for annual organic sales.

Nextdoor Holdings Inc. made its volatile debut up after launching a public network platform with Khosla Ventures Acquisition Co II, a special-purpose purchasing company (SPAC).