by Stephen Culp
NEW YORK (Reuters) – Wall Street stocks closed slightly higher on Monday, having advanced earlier in the day as investors reacted positively to the passage of a bill that calls for infrastructure spending in the US but reduced gains later under the weight of falling Tesla shares.
All three major US stock indexes cut initial gains but ended the session on a high, with the S&P 500 and Nasdaq setting record closes for the eighth consecutive trading session and the Dow Jones posting the second straight closing high.
“It became a self-fulfilling prophecy,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Why are rates going up? Because people are buying,” added Nolte. “Why are they buying? Because the rates are going up.”
Tesla Inc had the biggest weight in the S&P 500. Its shares fell 4.9% after a poll by CEO Elon Musk on Twitter about whether he should sell about 10% of his shares in the electric carmaker. The poll got more than 3.5 million votes, with 57.9% voting “Yes”.
Materials and manufacturing stocks were boosted by Congressional approval of President Joe Biden’s $1 trillion infrastructure spending project on Saturday.
“Over the weekend, we made another trillion dollars in the economy, which is already hot,” Nolte said. “So investors are seeing this as a very good thing for stock markets.”
The S&P 500 had a positive variation of 0.09%, to finish at 4,701.7 points, while the Nasdaq Composite advanced 0.07%, to 15,982.36 points. The Dow Jones rose 0.29% to 36,432.22 points.
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