Six of the 11 major sub-indices of the S&P 500 trade higher after the US Congress passed the infrastructure bill on Saturday, hailed by the president Joe Biden as a “once in a generation” investment.
“I think there is investor interest once again in the industrial and materials sectors now that the infrastructure package has been approved,” said Sam Stovall, chief investment strategist at CFRA Research in New York.
Tesla shares fell 3.1% on Wall Street after its CEO, Elon Musk, posted on Twitter on Saturday that he would sell 10% of his stake if users of the social network approved the proposal. About 57.9% voted “Yes”.
“The majority voted for him to sell, which effectively indicates that he is going to throw stocks on the market,” said Russ Mold, chief investment officer at AJ Bell. “Investors can see the situation and try to sell before him, and then buy again at a lower price.”
A Federal Reserve lawmaker said Monday that he expects the central bank to raise interest rates twice in 2022 after the Fed concludes its phasing out of bond purchases mid-year.
Source From: Ambito
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