Dow Closes at Record High after Senate Passes Infrastructure Bill

U.S. stocks rose on Tuesday with the Dow and S&P 500 indices closing at new record highs after the Senate passed a $1 trillion infrastructure bill.

Wall Street investors are seemingly optimistic about the prospects for increased public expenditure on infrastructure and public services, as it could create many jobs and revitalize various sectors and industries.

The Dow Jones Industrial Average closed higher by 162.82 points at a record 35,264.67, while the S&P 500 leveled higher by 0.1% to 4,436.75 points.

Meanwhile, the tech-savvy Nasdaq Composite failed to erase earlier losses and finished lower by 0.5% at 14,788.09 points, with higher Treasury bond yields weighing on tech stocks.

Earlier today, the Senate passed a bipartisan $1 trillion infrastructure bill in a historic vote for the U.S. economy and many Americans.

Senate Majority Leader Chuck Schumer hailed the vote, describing it as crowning months-long work and discussions among legislators. He also called for going ahead and intensifying negotiations over the additional $3.5 trillion spending bill.

The bill achieves what President Joe Biden sought months ago to have a bipartisan agreement on huge spending that overhauls U.S. infrastructure, reinforcing economic recovery from the Coronavirus crisis.

Now, the bill will have to pass through the House of Representatives, with its fate seemingly tied to the $3.5 trillion plan that includes more spending on social and environmental aspects.