The Senate did pass the infrastructure bill today, so now it will head over to the House for a vote at some point. In the meantime, today’s market action was reflecting a belief that the bill will pass with rates moving up slightly and value stocks (industrials, materials, financials, energy and some consumer staples) leading the Dow higher. The tech heavy Nasdaq on the other hand saw some selling pressure.
By the close, the Dow Jones Industrial Average was up 162 points to finish the day at 35,264. The S&P 500 was up 4 points to close at 4,436. The Nasdaq Composite Index was down 72 points to close at 14,788. Gold was up $3 to trade at $1,729 per ounce, while oil was up $1.99 to trade at $68.47 per barrel WTI.
The market averages continue to hold near all-time highs while rotation continues underneath the surface. I’ve always felt that rotation, in general, is good for the bulls but traders have to be nimble because trends don’t seem to last more than a day or two nowadays. Nevertheless we still keep making new highs in the market averages for now.
Have a nice evening everyone.