View of the trading floor of the New York Stock Exchange.
(Photo: dpa)
Frankfurt, New York The passage of the trillion dollar infrastructure bill in the US is pushing prices on Wall Street to new record highs. The Dow Jones index climbs at the beginning of the week by up to 0.7 percent to a high of 36,566 points. The leading indices Nasdaq and S&P 500 will also rise by up to 0.4 percent to 16,038 and 4,715 points at the opening on Monday.
Investors stocked up especially with large industrial companies. The shares of Boeing, 3M and Caterpillar gained between 0.5 and five percent.
The fact that the US Congress passed an infrastructure law after a long struggle caused optimism. The administration of US President Joe Biden will now usher in the greatest modernization of American roads, railways and other transportation infrastructures in a generation. Steel and aluminum manufacturers also benefited from this. The titles from US producers Nucor and United States Steel climbed by around six percent.
“I think investor interest in the industrial and materials sectors has increased again after the infrastructure package was passed,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “The markets will continue to rise until the end of the year.”
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On the other hand, Tesla boss Elon Musk caused a wave of sales with his vote on Twitter for a share sale. Tesla shares fell 7.3 percent at their peak. Musk had voted on Twitter over the weekend whether he should sell a tenth of his block of shares. Of the 3.5 million users who took part, almost 58 percent voted for it.
“The majority voted to sell, which effectively signals that he will sell his shares in the market,” said Russ Mold, investment expert at AJ Bell. Investors could now try to sell ahead of Musk and then possibly buy back Tesla stock at a lower price.
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