Wall Street Closes at Record Highs After Lawmakers Agree to Infrastructure Deal

NEW YORK (Sputnik) - Wall Street continued with its streak of record highs on Monday after lawmakers in Congress agreed to the Biden administration’s plan to spend more than $1 trillion to upgrade bridges, roads and other aging infrastructure in the United States.

All three of the major US equity indexes - the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite - closed at their highest levels ever, extending a bull run of epic peaks that has held for over a week now.

"The US stock market rally is showing signs of exhaustion, but the catalysts remain mostly bullish after the House passed Biden’s infrastructure plan," Ed Moya, analyst at online trading platform OANDA, said.

The Dow, a blue-chip index which groups mostly industrial stocks, closed up 104 points, or 0.3%, at a record high close of 36,432.

The S&P 500, which represents the top 500 US stocks, gained 4 points, or 0.01%, at an all-time high finish of 4,702.

The Nasdaq, which groups Big Tech names such as Facebook, Amazon, Apple, Netflix and Google, climbed 11 points, or 0.1%, for a record high settlement of 15,982.

Stocks rose after congressional Democrats aligned with Biden managed to pass with bipartisan support from Republicans an infrastructure package worth more than $1 trillion package to upgrade the United States' transportation, broadband and utilities. Democrats’ next challenge is to enact a $1.75 trillion deal on social safety and climate policy.