BUSINESS US stocks gain as markets monitor infrastructure debate

BUSINESS

US stocks gain as markets monitor infrastructure debate

AFP

22:05, May 24, 2021

Wall Street stocks climbed early Monday ahead of key economic data as investors monitored developments on US President Joe Biden's infrastructure package.

After last week's choppy performance, equities began the week on a positive note ahead of reports in the coming days on consumer confidence and durable goods orders.

Biden's Treasury Secretary, Janet Yellen, is also due for appearances before congressional panels in the coming days, where she is expected to face questions over the administration's plan to revamp US infrastructure.

Biden last week offered to trim his proposal to $1.7 trillion from $2.3 trillion, but the Republican opposition showed no signs of support.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 34,325.82.

The broad-based S&P 500 gained 0.7 percent to 4,183.25, while the tech-rich Nasdaq Composite Index jumped 1.1 percent to 13,615.25.

"The notion that there could be more fiscal stimulus on the way that involves another trillion plus in spending seems to be qualifying as a support factor," said Briefing.com analyst Patrick O'Hare.

"What could potentially become a headwind is the plan to pay for that plan."

Among individual companies, Virgin Galactic surged 14 percent following a third successful launch into space, the first from its base in New Mexico.

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