On Tuesday, stocks were largely higher, as traders weighed fears over the COVID-19 Delta variant against confidence about a continued economic recovery.
The S&P 500 and Dow each set new intraday highs, while the Nasdaq fell. The S&P 500 and Dow fell the day before, pulled down by energy companies and fears about reintroduced travel restrictions in China owing to rising coronavirus infections.
Investors were anticipating the passage of a $1 trillion infrastructure plan by the United States Senate, with the legislation to restore roads, bridges, and other physical infrastructure around the country now moving to the House of Representatives.
Quick Market analysis
The Nasdaq dipped almost 0.5%, while the S&P 500 rose 0.1% and reached a record high of 4,445.21. The Dow Jones industrials led the way up, rising 0.5%, while the Russell 2000 index advanced 0.2%. Statistics suggest that volume on the Nasdaq was lower and volume on the NYSE was higher compared to the close on Monday.
Tech stocks have been hampered by increased coronavirus cases and the reintroduction of travel restrictions in China, both of which were disclosed earlier this week. Meanwhile, blue-chip stocks continued to rise after the United States Senate approved a $1 trillion infrastructure program.
Dow Inc. (DOW), Caterpillar (CAT), and Goldman Sachs (GS) all outperformed Dow Jones on Tuesday, rising more than 2% each. From a 393.36 flat base entry, Goldman Sachs is still trading within a critical buy zone. At 413.03, the buy zone reaches its apex.
In other news, West Texas Intermediate crude oil futures in the United States recovered on Tuesday after falling as much as 4% on Monday to a low of approximately $65 per barrel. Crude oil futures were up almost 3% to around $68.45 per barrel in afternoon trading on Tuesday.
