Infrastructure-Related Stocks Rally... Dow and S&P 500 Hit All-Time Highs

Nasdaq Closes Lower Amid Rising Treasury Yields

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Although the U.S. Senate passed a $1 trillion infrastructure investment budget bill, major indices on the New York Stock Exchange closed mixed. The Dow Jones Industrial Average and the S&P 500 reached all-time highs, but the Nasdaq index fell due to the effect of declining Treasury yields.

On the 10th (local time), the Dow rose 162.82 points (0.46%) to close at 35,264.67, and the S&P 500 increased 4.40 points (0.10%) to close at 4,436.75. The Nasdaq fell 72.09 points (0.49%) to close at 14,788.09.

The news that the infrastructure investment bill passed the Senate helped stabilize investor sentiment.

Energy and industrial materials theme stocks led the gains. Caterpillar, a representative beneficiary of expanded infrastructure investment, rose 2.5%. Steelmaker Nucor surged 9%. Infrastructure-related exchange-traded funds (ETFs) also showed strong momentum.

Financial stocks such as Citigroup, Wells Fargo, BOA, and Goldman Sachs continued their strength amid rising interest rates.

Travel-related stocks like Norwegian Cruise Line and American Airlines also saw price surges.

AMC, a theater chain whose stock price had surged as a meme stock, closed down 6% despite exceeding earnings expectations.

Major tech stocks including Apple, Amazon, Microsoft, Facebook, and Alphabet all declined. This is attributed to the rise in Treasury yields to 1.34%, which dampened investor sentiment toward tech stocks.

Cryptocurrency exchange Coinbase posted strong Q2 earnings but fell 3.8% in regular trading and 1.3% in after-hours trading.

This content was produced with the assistance of AI translation services.