Wall Street Closes Lower Awaiting Biden’s Infrastructure Plan

he New York Stock Exchange (NYSE) closed Tuesday with relatively small losses, as Wall Street investors were impacted by the tech sector losses that resulted from a surge in Treasury bond yields to their highest level in about 14 months.

The Dow Jones Industrial Average declined by 104.41 points, or 0.31%, to finish at 33,066.96 points.

The S&P 500 index lost 12.54 points, or 0.32%, and closed at 3,958.55 points.

Meanwhile, the Nasdaq Composite Index fell by 14.25 points, or 0.11%, to end the session at 13,045.39 points. The index is close to ending the month in losses for the first time since November 2020, losing about 7%.

Earlier today, the benchmark U.S. 10-year Treasury bond yield reached 1.776%, its highest level since late January.

In addition, markets are anticipating an announcement by President Joe Biden on his infrastructure plan, which is expected to be see financed through tax hikes to fund around $4 trillion in public spending.