The S&P 500 closed above 4,700 on Nov. 8, recording a fresh record high after Congress approved President Joe Biden’s infrastructure spending proposal. The Dow Jones Industrial Average and the Nasdaq Composite also touched new all-time highs. During a raucous Nov. 5 on Capitol Hill, the House of Representatives passed a $1.2 trillion bipartisan infrastructure…
Wall Street Closes Up on Infrastructure Gains but Tesla Weighs
NEW YORK—Wall Street stocks ended slightly higher on Monday, rising early after passage of an infrastructure spending bill but paring gains late as sliding Tesla 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…
Futures Tick Higher After Congress Clears Infrastructure Bill; Tesla Falls
November 8, 2021
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U.S. stock index futures edged higher on Monday as big industrial firms were supported by the passage of a $1 trillion infrastructure bill, while Tesla fell on Chief Executive Elon Musk’s plan to sell about a tenth of his stake. Caterpillar Inc., Boeing Co., and 3M Co. rose between 0.5 percent and 3 percent in…
Dow Hits Record High as Infrastructure Bill Lifts Cyclicals
November 8, 2021
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The Dow hit a record high on Monday as the passage of a $1 trillion infrastructure bill lifted industrials, materials, and other economy-focused sectors, while Tesla fell on top boss Elon Musk’s plan to sell about a tenth of his stake. Five of the 11 major S&P 500 sector indexes were higher after the Congress…
Oil Gains After US Infrastructure Bill Passes, Chinese Exports Rise
November 8, 2021
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LONDON—Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude. Brent crude was up by 91 cents, or 1.1 percent, at $83.65 a barrel at 1028 GMT, after dropping nearly 2 percent last…
House Republicans Explain Why They Voted for Infrastructure Bill
The House of Representatives passed a $1.2 trillion infrastructure package Friday, with most Republicans voting against and most Democrats voting for the legislation. Six Democrats did vote against the package. That set the vote up for failure if no Republicans supported it. But 13 Republicans ultimately did, including former Democrat Rep. Jeff Van Drew (R-N.J.)…
Supply Chain Issues Could Last as Long as Pandemic: Transportation Secretary Pete Buttigieg
Transportation Secretary Pete Buttigieg on Sunday said that supply chain issues impacting industries across the globe could continue to play out for as long as the COVID-19 pandemic. “Look, there are so many things that are still happening in our economy—distortions, disruptions, things in our supply chain that are affecting prices that are clearly a direct consequence…
Yellen Says Biden’s Spending Bill Will Be Anti-Inflationary, Stands By ‘Transitory’ Inflation Narrative
Treasury Secretary Janet Yellen said Friday said she continues to see inflation as a temporary supply side-driven phenomenon that will normalize next year, and that President Joe Biden’s big spending package will actually have an anti-inflationary effect by smoothing some supply-side dislocations and footing the bill for some costs facing American families. Yellen made the…
Progressives Scale Back Demands for Passage of Infrastructure Bill
House Progressives are cautiously scaling back on their demands for passage of the $1.2 trillion infrastructure bill, passed in August by a bipartisan vote in the Senate. For months, progressives in the lower chamber have broadcasted demands that the House not move to consider the infrastructure bill before passage of the much more expansive budget…
Tennessee Considering $900M Ford Incentive Package
NASHVILLE, Tenn.—Tennessee is poised to spend approximately $900 million of its tax revenues on incentives, infrastructure projects and more under an agreement with Ford Motor Co., which has announced plans to build an electric vehicle and battery plant near Memphis. The sweeping spending package must be approved by the Republican-led General Assembly, which began the…
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