Stocks reversed; Dow settings a new record high after infrastructure bill passes senate

Market moves generally higher, with the surging viral concerns negated by the positive outlook for the economic recovery which was a result of the passing of the infrastructure bill by the US Senate.
 
SHEUNG WAN, Hong Kong - Aug. 12, 2021 - PRLog -- The Delta variants' rampage across the country and abroad continues to cause concerns that have greatly affected the market direction yesterday, with the addition of China's travel restrictions being implemented again.

With that being said, both S&P 500 and the Dow sank while NASDAQ moved higher on Monday's session, and this was reversed today as NASDAQ moved lower while the Down and S&P 500 both eked out fresh intraday highs. This was driven by a very positive outlook for the economic recovery which was strongly backed up by the $1 trillion infrastructure bill moving to the next step which is with the House of Representatives.

Traders were also keeping an eye out and are trying to estimate the effect of the sudden spike in coronavirus cases within the country and abroad, especially that many companies have already expressed growth slowdown while many economists suggest that consumer spending had already been affected.

On another note, Treasury yields continue to rise across the board, with the benchmark 10-year breaking past 1.34%. US WTI crude oil (Western Texas intermediate) recovered some of their losses after reaching a 3-week lowest point yesterday. Some analysts are suggesting that the Delta variant concern is being overblown, and advises to focus on the basic which shows that the economic recovery is progressing slowly but surely.

Tuesday's market moves are the following:
  • The Dow Jones Industrial Average rose to 35,264.67 after gaining 162.82 points or 0.46%.
  • The S&P 500 Index moved higher by 4.40 points or 0.10% and closed at 4,436.75.
  • NASDAQ Composite Index decreased to 14,788.09 after dropping by 0.49% or 72.09 points.
  • U.S. 10 Year Treasury yield is up by 2.5 basis points and at 1.3420%.
  • Crude is at $68.46 per barrel after recovering 2.98% or $1.98.
  • Gold is currently at $1,729.70 an ounce after gaining 0.19% or $3.2 0.
A brief update on Crypto Currency Market: Investors are on a deep concentration as Bitcoin's chart is seen bullish and is uptrend. Volatility on the said digital currency market is high due to many circumstances and economic crisis is just one it.

Be updated on the latest financial news, US Stock and Crypto Currency Market at Eden Capital Management Limited, do visit our website at https://edencapitalmanagementltd.com/ or contact us thru email.

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