US STOCKS-Wall Street Increases US Infrastructure Bill; Tesla hangs out


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* Tesla slips after Twitter users vote for Musk to sell stock

* Caterpillar leads gains among manufacturers

* Travel stocks rise after US lifts restrictions

* Indexes up: Dow 0.16%, S&P 0.11, Nasdaq 0.26%

NEW YORK, Nov. 8 (Reuters) – Wall Street shares edged higher on Monday, as investors applauded the passage of a U.S. infrastructure spending bill, but the gains were limited by the fall in Tesla shares.

All three major US stock indices slashed early gains, but the S&P 500 and Nasdaq remained on track to extend their streak of all-time record closing levels to eight consecutive sessions.

But Tesla Inc fell 3.1%, the heaviest weight on the S&P 500. CEO Elon Musk’s Twitter conducted a Twitter poll to find out whether he should sell about 10% of his shares in the builders company. electric cars he founded. The poll garnered more than 3.5 million votes, with 57.9% of “yes” votes.

“The market is looking at a number of different things – the positive earnings environment, the COVID Delta variant has gone down, we’re getting this infrastructure spending bill and we’ve answered questions about what the Federal Reserve is going to do, with tapering, ”said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “This is what has helped propel the market to this point and as we head into December the question becomes where to invest in 2022.”

Economically sensitive cyclicals, small caps and chips led the charge higher, with the Philadelphia SE Semiconductor index hitting a record high.

Industrials and materials received a boost after the US Congress passed President Joe Biden’s $ 1 trillion infrastructure spending bill on Saturday.

Caterpillar Inc, Cleveland-Cliffs Inc, Freeport McMoRan and US Steel Corp were among the companies that rode the wave, advancing between 2% and 6%.

Lawmakers are now turning to Biden’s welfare spending bill, with the House of Representatives due to vote on the measure next week, according to White House economic adviser Brian Deese.

The Dow Jones Industrial Average rose 59.83 points, or 0.16%, to 36,387.78, the S&P 500 gained 5.3 points, or 0.11%, to 4,702.83 and the Nasdaq Composite added 40.95 points, or 0.26%, to 16,012.54.

Of the top 11 sectors in the S&P 500, materials posted the largest percentage gains, while utilities declined the most.

The third quarter reporting season has hit the home stretch, with 445 of the S&P 500 companies reporting on Friday. Of those, 81% exceeded analysts’ expectations, according to Refinitiv.

Cryptocurrency and blockchain-related stocks, including those of Coinbase Global

Shares of cosmetics maker Coty Inc jumped 11.5% after the company raised its forecast for annual sales of biologics.

Nextdoor Holdings Inc jumped 30.6% in its volatile debut after the neighborhood network platform was made public in a deal with Khosla Ventures Acquisition Co II, an acquisition company with a vocation special (SPAC).

The advancing issues outnumbered the declining ones on the NYSE by a ratio of 1.28 to 1; on the Nasdaq, a ratio of 1.15 to 1 favored advances.

The S&P 500 posted 50 new 52 week highs and 1 new low; the Nasdaq Composite recorded 189 new highs and 45 new lows. (Reporting by Stephen Culp; additional reporting by Shreyashi Sanyal and Devik Jain in Bengaluru; editing by David Gregorio)

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