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31 Mar 2021 | 23:05

US close: Markets mixed, Biden details $2trn infrastructure plan

(Sharecast News) - Wall Street trading finished in a mixed state on Wednesday, with markets closing not long before president Joe Biden took the wraps off his $2trn infrastructure spending plan. At the close, the Dow Jones Industrial Average was down 0.26% at 32,981.55, while the S&P 500 managed gains of 0.36% to 3,972.89, and the Nasdaq Composite rose 1.54% to 13,246.87.

The Dow closed 85.41 points lower on Wednesday, extending losses recorded in the prior session.

After the closing bell, Biden said in a speech that his $2trn plan would turn around America's "crumbling" infrastructure, promising massive cash injections for roads and bridges, railways and mass transit, electric vehicles, ports and airports, and the country's electricity network.

The president said his plan would bring "transformation progress" in the way the US handles climate change.

Earlier, elevated bond yields continued to weigh on sentiment, with the benchmark 10-year Treasury note last at 1.745% amid the continued success of the Covid-19 vaccine rollout and expectations of a broad economic recovery.

It had reached as high as 1.77% earlier in the day.

On the macro front, higher mortgage rates led to a 2.2% drop in mortgage application volume last week, according to the Mortgage Bankers Association.

Elsewhere, private sector employment grew by 517,000 jobs in March, according to ADP's national employment report, the strongest gain seen since September.

Job growth in the service sector significantly outpaced its recent monthly average, led by notable increases in the leisure and hospitality industry.

Still on data, the Institute of Supply Management's Chicago purchasing managers' index improved sharply in March to a print of 66.3, up from 59.5 in February and better than the market expectation of 60.7.

Lastly, pending home sales fell the most it had in almost a year in February, with rising home prices and a dearth of available properties deterring buyers.

According to the National Association of Realtors' index, pending home sales decreased 10.6% month-on-month to 110.3, the lowest reading since May, and a much sharper drop than the 3% expected by economists.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $54.90 3.62% Apple Inc. (AAPL) $122.15 1.88% Microsoft Corp. (MSFT) $235.77 1.69% Boeing Co. (BA) $254.72 1.08% Salesforce.Com Inc. (CRM) $211.87 0.89% Intel Corp. (INTC) $64.00 0.36% Merck & Co. Inc. (MRK) $77.09 0.17% Home Depot Inc. (HD) $305.25 0.14% Walmart Inc. (WMT) $135.83 0.07% Dowdupont Inc. (DWDP) $30.52 0.00%

Dow Jones - Fallers

Travelers Company Inc. (TRV) $150.40 -2.36% Goldman Sachs Group Inc. (GS) $327.00 -1.51% JP Morgan Chase & Co. (JPM) $152.23 -1.46% American Express Co. (AXP) $141.44 -1.43% International Business Machines Corporation (CDI) (IBM) $133.26 -1.08% Chevron Corp. (CVX) $104.79 -1.08% Dow Chemical Co. (DOW) $63.94 -1.04% 3M Co. (MMM) $192.68 -1.01% Coca-Cola Co. (KO) $52.71 -0.83% Verizon Communications Inc. (VZ) $58.15 -0.75%

S&P 500 - Risers

Harley-Davidson Inc. (HOG) $40.10 6.85% PVH Corp. (PVH) $105.70 5.57% Applied Materials Inc. (AMAT) $133.60 5.40% Cadence Design Systems Inc. (CDNS) $136.99 4.68% KLA-Tencor Corp. (KLAC) $330.40 4.20% Illumina Inc. (ILMN) $384.06 4.09% Lam Research Corp. (LRCX) $595.24 3.96% Nvidia Corp. (NVDA) $533.93 3.70% Walgreens Boots Alliance, Inc. (WBA) $54.90 3.62% Synopsys Inc. (SNPS) $247.78 3.41%

S&P 500 - Fallers

Kroger Co. (KR) $35.99 -5.49% Sl Green Realty Corp. (SLG) $69.99 -3.05% Jefferies Financial Group Inc. (JEF) $30.10 -3.00% Marathon Oil Corp. (MRO) $10.68 -2.73% Alliance Data Systems Corp. (ADS) $112.09 -2.70% State Street Corp. (STT) $84.01 -2.66% Loews Corp. (L) $51.28 -2.64% Occidental Petroleum Corp. (OXY) $26.62 -2.60% Everest Re Group Ltd. (RE) $247.81 -2.55% Constellation Brands Inc. Class A (STZ) $228.00 -2.54%

Nasdaq 100 - Risers

Applied Materials Inc. (AMAT) $133.60 5.40% Tesla Inc (TSLA) $667.93 5.08% Cadence Design Systems Inc. (CDNS) $136.99 4.68% KLA-Tencor Corp. (KLAC) $330.40 4.20% Illumina Inc. (ILMN) $384.06 4.09% Lam Research Corp. (LRCX) $595.24 3.96% Nvidia Corp. (NVDA) $533.93 3.70% Walgreens Boots Alliance, Inc. (WBA) $54.90 3.62% Synopsys Inc. (SNPS) $247.78 3.41% Microchip Technology Inc. (MCHP) $155.22 3.40%

Nasdaq 100 - Fallers

Charter Communications Inc. (CHTR) $617.02 -2.48% Qurate Retail Inc. (QRTEA) $11.76 -2.41% Check Point Software Technologies Ltd. (CHKP) $111.97 -2.15% Expedia Group Inc. (EXPE) $172.12 -2.13% Comcast Corp. (CMCSA) $54.11 -1.58% Dollar Tree Inc (DLTR) $114.46 -1.52% Fiserv Inc. (FISV) $119.04 -1.42% Gilead Sciences Inc. (GILD) $64.63 -1.33% Paychex Inc. (PAYX) $98.02 -1.22% American Airlines Group (AAL) $23.90 -0.91%
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