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Another day, another record on Wall Street as stocks inch up


NEW YORK: Major Wall Street indices closed at new all-time highs for the second consecutive session on Monday, rallied by the US infrastructure overhaul and good employment data. The benchmark Dow Jones Industrial Average gained 0.3 percent to close at 36,432.22, and the broad-based S&P 500 edged up 0.1 percent to end at 4,701.70. The tech-rich Nasdaq Composite Index rose 0.1 percent to finish at 15,982.36. Markets had made repeated records last week amid good news in the fight against Covid-19, as well as Friday’s government jobs report showing the United States added a better-than-expected 531,000 positions in October. Monday’s session was the first since Congress authorized a $1.2 trillion infrastructure overhaul in a victory for President Joe Biden, benefiting markets as well as businesses like construction equipment firm Caterpillar, which gained 4.1 percent. Tesla dropped 4.8 percent after a majority voted yes to a Twitter poll from its chief Elon Musk asking whether he should sell 10 percent of his stock in the electric car company. Markets have cheered the Federal Reserve’s gradual tightening of its easy money policies, and sentiment changed little after Vice Chair Richard Clarida said an interest rate hike could come by the end of next year. On the calendar for this week are updates to the consumer and producer price indices, which will show the latest on the wave of inflation the US economy has experienced as it recovers from the pandemic.


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