US Market rises to record highs on $1 trillion infrastructure bill boosts

The US stocks continued upward journey to eight straight sessions on Monday, 08 November 2021, with the S&P 500, Dow, and Nasdaq all finishing at new record highs, as passage of the long-awaited U.S. infrastructure bill boosted investors risk sentiments.

However, market gains capped as some investors opted to stay on the sidelines ahead of the release of reports on producer and consumer prices and consumer sentiment in the coming days.

At the close of trade, the Dow Jones Industrial Average index advanced 104.27 points, or 0.29%, to 36,432.22. The S&P500 index added 4.17 points, or 0.09%, to 4,701.70. The tech-heavy Nasdaq Composite Index rose 10.77 points, or 0.07%, to 15,982.36.

Total volume turnover on U.S. exchanges stood at 10.58 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1840 to 1496 and 173 closed unchanged. In the NASDAQ, 2523 issues advanced, 2089 issues declined, and 243 issues unchanged.

Total 6 of 11 S&P500 sectors ended higher, with materials (up 1.23%) was top performing sector, followed by energy (up 0.882%), information technology (up 0.58%), healthcare (up 0.53%), and financials (up 0.52%) sectors, while consumer discretionary (down 1.38%) was bottom performing issue followed by consumer discretionary (down 0.94%).

Wall Street reacted positively to the House lawmakers approval of $1.2 trillion infrastructure bill. The bill provides funding for roads, highways, alongside electric vehicles, clean energy, and high-speed broadband.

Tesla stocks fell after CEO Elon Musk proposed a sale of about 10% of his stake of the company's shares.

Among Indian ADR, Tata Motors added 4% to $34.08, ICICI Bank added 1.9% to $21.04, WNS Holdings added 1% to $88.78, INFOSYS added 2.85% to $23.44, HDFC Bank added 1.35% to $71.98, Dr Reddys Labs grew 2.26% to $64.83, and Wipro grew 2.56% to $9.20. Vedanta fell 1.32% to $16.50.

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