Aug. 10 (UPI) — The Dow Jones Industrial Average climbed 160 points on Tuesday after the Senate passed a $1 trillion infrastructure bill.
The blue-chip index gained 162.75 points, or 0.46%, to hit a new intraday high, while the S&P 500 increased 0.099% after reaching an intraday high earlier in the day. The Nasdaq Composite lagged behind, falling 0.49%.
The Senate voted 69-30 to pass the bipartisan deal, which includes $550 billion in new spending to make critical improvements to U.S. bridges, roads and rails.
Steelmaker Nucor jumped 9.58% following the deal, while other infrastructure exchange traded funds such as the iShares U.S. Infrastructure ETF and the Global X U.S. Infrastructure Development ETF also outperformed the broader market.
Treasury yields rose broadly as the 10-year yield climbed above 1.34%.
Bank stocks benefitted from the rise as Wells Fargo gained 2.04%, Goldman Sachs increased 2.03% and Bank of America climbed 1.87%.
Tech stocks, however, suffered with Facebook, Amazon, Alphabet, Netflix and Google — collectively known as FAANG — all reporting losses.
U.S. West Texas Intermediate crude oil futures recovered after hitting a three-week low on Monday as Chevron gained 1.83% and Exxon Mobil increased 1.73%.
AMC stock surged to begin the day before falling 6.07% as the theater company reported a lower loss than expected and announced it would begin accepting bitcoin at all of its U.S. locations later in the year.