Dow Jones, S&P 500 hit records as Senate passes $1T infrastructure bill

AMC CEO: We do have enough money, we believe, to get to the other side of this pandemic.

U.S. stock indexes climbed to record highs Tuesday as the Senate passed a $1 trillion infrastructure bill. 

The Dow Jones Industrial Average rose 162 points, or 0.46%, while the S&P 500 index advanced 0.1% and the Nasdaq Composite fell 0.49%. Both the Dow and the S&P 500 closed at all-time highs as the Nasdaq ended just below its peak.   

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35412.98 +154.37 +0.44%
SP500 S&P 500 4516.34 +29.88 +0.67%
I:COMP NASDAQ COMPOSITE INDEX 15124.972187 +103.16 +0.69%

The Senate passed the bipartisan infrastructure package that would provide funding for repairing roads and bridges, among other things. The bill must still be approved by the House, where Speaker Nancy Pelosi said she will not bring the measure to a vote unless the $3.5 trillion human infrastructure package also passes in the Senate, where Democrats have pledged to use the budget reconciliation process to circumvent a Republican filibuster. Doing so would allow Senate Democrats to pass the bill with 50 votes. 

SCHUMER: 'WE HAVE COME TO AN AGREEMENT' ON INFRASTRUCTURE BILL, VOTE EXPECTED TUESDAY

In stocks, infrastructure-linked names, including Caterpillar Inc., Fluor Corp. and Martin Marietta Materials Inc., were outperforming after the infrastructure vote.  

Ticker Security Last Change Change %
CAT CATERPILLAR, INC. 201.02 +2.92 +1.47%
FLR FLUOR CORP. 18.39 +0.98 +5.63%
MLM MARTIN MARIETTA MATERIALS, INC. 372.10 -1.95 -0.52%

Elsewhere, Tesla Inc. sold 32,968 China-made vehicles in July, a 69% decline from the prior month, according to the China Passenger Car Association. Nearly 74%, or 24,347 vehicles, were exported out of China. 

Ticker Security Last Change Change %
TSLA TESLA, INC. 873.55 +3.44 +0.40%

In earnings, AMC Entertainment Holdings Inc. reported quarterly earnings and revenue that exceeded Wall Street estimates as moviegoers flooded back into theaters following more than a year of closures. The movie theater chain announced it would begin accepting bitcoin before the end of the year. 

CEO Adam Aron telling FOX Business the company's liquidity position has improved. "We do have enough money, we believe, to get to the other side of this pandemic" he said during an appearance on 'Making Money With Charles Payne.'

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 42.04 -0.97 -2.26%

In deals, Canadian Pacific Railway Ltd. raised its offer for Kansas City Southern to $300 per share in cash and stock, representing an enterprise value of about $31 billion. 

Ticker Security Last Change Change %
KSU KANSAS CITY SOUTHERN 297.24 -0.17 -0.06%
CP CANADIAN PACIFIC RAILWAY LTD. 73.36 -0.04 -0.05%

In commodities, West Texas Intermediate crude oil jumped $1.81 to $68.29 a barrel and gold rose $5.40 to $1,731.90 an ounce. 

Overseas markets were broadly higher. 

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In Europe, Germany’s DAX 30 ticked up 0.16% while France’s CAC 40 and Britain’s FTSE 100 added 0.1% and 0.4%, respectively. 

Asian bourses rallied across the board with Japan’s Nikkei 225 rising 0.24%, China’s Shanghai Composite climbing 1.01% and Hong Kong’s Hang Seng index gaining 1.23%.