Infrastructure Legislation Advances, But Still Has a Ways to Go

Infrastructure Legislation Advances, But Still Has a Ways to Go

Two large infrastructure bills have taken important steps to advance in Congress:

On August 10, 2021, the Senate passed a $1.2 trillion bipartisan infrastructure bill, to be named the Infrastructure Investment and Jobs Act when enacted.

Senate and the House have also passed a resolution along party lines (on August 11 and August 24, respectively) that sets the stage for additional legislation, a $3.5 trillion “human infrastructure” spending package that includes tax provisions.

Market Week: November 23, 2020

Market Week: November 23, 2020

Last week began with more good news on another COVID-19 vaccine, sparking a rally in domestic and global stocks. The Dow set a record as it neared the 30,000 mark, with cyclicals and small caps advancing on hopes of a speedier economic recovery. The Russell 2000 and the Global Dow each gained more than 2.0%, while both the Dow and the S&P 500 added more than 1.0%. The Nasdaq advanced 0.8%. Among the market sectors, energy, financials, and industrials surged. Crude oil prices and Treasury yields climbed, while the dollar slipped.

Market Week: November 16, 2020

Market Week: November 16, 2020

Stocks soared to record highs last Monday following an announcement from a major pharmaceutical company of positive data on a COVID-19 vaccine. That news, coupled with President-elect Joe Biden’s win, helped buoy investor optimism. Cyclicals and bio-tech stocks led a powerful rally, which drove the Dow up 3.0%. The S&P 500 added 1.2%, the Russell 2000 climbed a robust 3.7%, and the Global Dow shot up 4.2%. The Nasdaq lost value as money moved from tech stocks to value shares. Energy shares jumped more than 14%, while financials advanced more than 8.0%. Crude oil prices, the dollar, and Treasury yields all rose.

Quarterly Market Review: July-September 2020

Quarterly Market Review: July-September 2020

Overall, the third quarter of 2020 produced the second consecutive quarter of notable market gains. Of the benchmark indexes listed here, the Nasdaq again proved the strongest, climbing more than 11.0% for the quarter, followed by the large caps of the S&P 500 and the Dow, which gained 8.5% and 7.6%, respectively. The Global Dow advanced 5.0% for the quarter, and the small caps of the Russell 2000 ended the quarter up 4.6%.