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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.
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)
Tuesday's market moves are the following:
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