$1T Infrastructure Bill Boosts Construction Stocks

S&P 500 hits record high after 8th straight gain
By Newser Editors and Wire Services
Posted Nov 8, 2021 3:43 PM CST
S&P 500 Notches 8th Straight Gain
The stock market has been climbing over the last month as a wave of reports has shown corporate profits were stronger during the summer than analysts expected.   (AP Photo/John Minchillo, file)

Stocks notched some modest gains on Wall Street Monday, enough to mark more record highs for major US indexes. The S&P 500 edged up 0.1% for its eighth straight gain, matching its longest winning streak since April 2019, though most of the gains during that stretch have been modest. The S&P 500 rose 4.17 points to 4,701.70. The Dow Jones Industrial Average rose 104.27 points, or 0.3%, to 36,432.22. The Nasdaq rose 10.77 points, 0.1%, to 15,982.36. Stocks of construction-related companies made some of the strongest gains after Congress passed a $1 trillion infrastructure bill on Friday, the AP reports.

Vulcan Materials, which sells crushed stone and concrete, rose 4.9%. Machinery maker Caterpillar rose 4.1%. Steelmakers and other companies that stand to benefit from increased infrastructure spending also rallied following Congress' passage of the infrastructure bill. Nucor gained 3.6%. Friday's deal also eased some concerns over gridlock in Washington as a potential fight over raising the debt ceiling looms, according to Jamie Cox, managing partner at Harris Financial Group.

Technology stocks were among the strongest and helped to offset losses for utilities and companies that sell directly to consumers. Advanced Micro Devices jumped 10.1% and was the biggest gainer in the S&P 500 after announcing that Facebook parent company Meta had chosen to use chips from AMD in its data centers Tesla fell 4.9% after after CEO Elon Musk said he would sell 10% of his holdings in the company based on the results of a poll he conducted on Twitter over the weekend. Social networking company Nextdoor Holdings surged 26% in its market debut via a merger with a special purpose acquisition company.

(More stock market stories.)

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