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U.S. stocks rise after passage of infrastructure bill

NEW YORK
2021-11-09 06:01

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NEW YORK, Nov. 8 (Xinhua) -- U.S. stocks finished Monday with modest gains, following the passage of a long-delayed infrastructure bill.

The Dow Jones Industrial Average climbed 104.27 points, or 0.29 percent, to 36,432.22. The S&P 500 increased 4.17 points, or 0.09 percent, to 4,701.70. The Nasdaq Composite Index rose 10.77 points, or 0.07 percent, to 15,982.36.

Six of the 11 primary S&P 500 sectors ended in green, with materials up 1.23 percent, leading the gainers. Utilities fell 1.45 percent, the worst-performing group.

U.S.-listed Chinese companies traded mostly higher with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The U.S. House of Representatives on Friday night passed a bipartisan 1-trillion-U.S.-dollar infrastructure bill after months of delay amid Democratic infighting over a social spending package, sending the long-waited legislation to President Joe Biden for his signature.

The package, first passed by the Senate in August, includes new funding for transportation, utilities and broadband, among other infrastructure projects.

"When it comes to the investment implications of the physical infrastructure bill, we don't expect passage to have much of a market impact because the spending will be spread out over several years and will take some time to start," Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, said Monday in a note.

Marcelli added that "there could be specific stock beneficiaries in areas including building materials and transportation infrastructure."

Investors are also awaiting key U.S. inflation readings this week with the producer price index on Tuesday and the consumer price index on Wednesday.

For the week ending Nov. 5, the Dow rose 1.4 percent, the S&P 500 increased 2 percent, and the tech-heavy Nasdaq rallied nearly 3.1 percent.
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