Stocks Extend Market Rally With More Record Closes

The major indexes closed at record levels once again, extending their rally after the U.S. House of Representatives passed the $1 trillion infrastructure bill, which now awaits President Joe Biden's Signature. Names set to benefit from the spending package soared today, most notably industrials and materials stocks. In response, the Dow added over 120 points, nabbing a record close and its seventh win in eight sessions, the S&P 500 locked in its first close above the 4,700 level and eighth-straight win, while the Nasdaq scored its 11th. Elsewhere, Wall Street's "fear gauge," the CBOE Market Volatility Index (VIX) turned in a big win, as well, closing at its highest level since Oct. 13.

The Dow Jones Average (DJI - 36,432.22) gained 104.3 points or 0.3% for the day. Caterpillar (CAT) was the Dow's best component member today, gaining 4.1%, while Nike (NKE) shed 3.2% to round out the laggards.

The S&P 500 Index (SPX - 4,701.70) added 4.2 points, or 0.09% for the day, while the Nasdaq Composite (IXIC - 15,982.36) tacked on 10.8 points, or 0.07% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.22) added 1.8 point, or 11.5% for the day.

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Oil prices rose today, as investors pondered the outlook for energy demand amid positive signs of global economic growth. In the U.S., officials are are weighing options to address skyrocketing fuel prices. For the day, December-dated crude added 66 cents, or 0.8% to settle at $81.93 a barrel.

Gold prices settled at their highest mark since September, coming on the heels of a dovish tone from major central banks regarding interest rates. As a result, December-dated gold rose $11.20 or, 0.6%, to settle at $1,828 on the day.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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