Dow rises 160 points to close at a record after Senate passes $1 trillion infrastructure bill; European stocks close higher despite Covid, inflation jitters; Hellofresh up 9%
Stocks rose on Tuesday, pushing the Dow and S&P 500 to new records, after the Senate’s passage of a $1 trillion infrastructure package boosted stocks tied to economic growth.
The Dow Jones Industrial Average rose 162.82 points to 35,264.67 to close at a record, led by Caterpillar, which gained nearly 2.5%. The S&P 500 rose 0.1% to 4,436.75 and closed at a fresh all-time high. Meanwhile, the Nasdaq Composite dipped about 0.5% to 14,788.09, as a rise in Treasury yields weighed on tech stocks.
Bank stocks rose amid the jump in bond yields. Wells Fargo jumped 2%, while Goldman Sachs and Bank of America rose 2% and 1.8%, respectively. Investors dumped technology shares as rates bounced, and the so-called FAANG names all closed in the red.
Hellofresh rallied 9% to lead the Stoxx 600 after a strong second-quarter earnings report.
Meanwhile, Deliveroo shares surged 6.9%, continuing to climb after announcing on Monday that Delivery Hero had taken a stake in the company.
At the bottom of the European blue-chip index, German used car broker Auto1 Group fell 3.1% despite reporting the strongest quarter in its history after the bell on Monday.
Source: CNBC, Investing.com