Stocks hit records as $1.2T infrastructure bill clears Congress, Tesla falls

Shares of infrastructure-linked companies rallied

U.S. stocks ticked into record territory Monday after the bipartisan infrastructure bill sailed through Congress

The Dow Jones Industrial Average rose 103 points, or 0.28%, while the S&P 500 index and the Nasdaq Composite index advanced 0.09% and 0.07%, respectively.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35729.12 +502.09 +1.43%
SP500 S&P 500 4687.83 +96.16 +2.09%
I:COMP NASDAQ COMPOSITE INDEX 15699.006108 +473.85 +3.11%

The gains came after the House of Representatives on Friday evening passed the $1.2 trillion infrastructure bill that provides money for hard infrastructure, such as roads and bridges, while also granting funds for broadband, electric vehicles and other projects. The House now turns its attention to Biden's social spending plan that Democrats hope to pass via budget reconciliation. 

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In stocks, infrastructure-linked names, including Caterpillar Inc., Nucor Corp. and Deere & Co., rallied after Congress passed the long-anticipated infrastructure bill.  

Ticker Security Last Change Change %
CAT CATERPILLAR, INC. 205.22 +3.90 +1.94%
NUE NUCOR CORP. 113.52 +3.22 +2.92%
DE DEERE & CO. 364.47 +9.96 +2.81%

Elsewhere, Tesla Inc. shares were sharply lower after CEO Elon Musk polled Twitter users about whether he should sell 10% of his stock. Musk will face a large tax bill once a portion of his stock options is exercised in the coming months. 

Ticker Security Last Change Change %
TSLA TESLA, INC. 1,042.69 +33.68 +3.34%

In earnings, Berkshire Hathaway Inc. reported operating profit jumped 18% last quarter as its energy, utilities and railroad businesses continued to bounce back from the pandemic. The Warren Buffett-led conglomerate finished the quarter with a record $149.2 billion in cash.

Ticker Security Last Change Change %
BRK.B BERKSHIRE HATHAWAY, INC. 284.33 +2.95 +1.05%

Coty Inc. posted quarterly earnings and revenue that exceeded Wall Street estimates and announced a deal to sell a 4.7% stake in hair care company Wella to private equity firm KKR. Once the deal closes, KKR will own 2.4% of Coty. 

Ticker Security Last Change Change %
COTY COTY, INC. 10.10 +0.29 +2.96%

AMC Entertainment Holdings Inc. and PayPal Holdings Inc. are among the companies scheduled to report their quarterly results after Monday's closing bell.

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 31.17 +2.39 +8.29%
PYPL PAYPAL HOLDINGS, INC. 191.66 +6.80 +3.68%

In commodities, West Texas Intermediate crude oil jumped 66 cents to $81.93 a barrel and gold edged up $11 to $1,827.40 an ounce. 

Overseas trading was choppy. 

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European bourses were mixed with both Germany’s DAX 30 and Britain's FTSE 100 declining 0.05% and France’s CAC 40 rising 0.1%. 

In Asia, China’s Shanghai Composite rose 0.2% while Japan’s Nikkei 225 and Hong Kong’s Hang Seng index slid 0.35% and 0.43%, respectively.