Wall Street rose on Tuesday, with both the blue-chip Dow and benchmark S&P500 closing at record highs, as economically sensitive value stocks gained with the U.S. Senate's passage of a $1 trillion bipartisan infrastructure package.
The bill, which now heads to the House of Representatives, could provide the nation's biggest investment in decades in roads, bridges, airports and waterways. Senators also began voting on a follow-up $3.5 trillion spending package that Democrats plan to pass without Republican votes.
Energy, industrials and materials, which stand to benefit from an economic recovery, were among the top performing S&P sectors, while names such as Caterpillar, Deere and Vulcan Materials each rose about 2% as they are poised to reap the gains of infrastructure projects.
The market remains caught in sideways congestion. The minor congestion holds a friendly bias, but look for a breakout over last week’s high to launch a drive to to new figures. A close under 34725 projects to 33843.