The U.S. stock market struggled for direction on Monday, but a strong start for tech stocks pushed the NASDAQ to another record high.
The Dow Jones Industrials gave back 168.92 points to 34,264.92, as energy and transport stocks came under pressure.
The S&P 500 eked up 1.22 points to 4,282.04
The NASDAQ jumped 103.72 points to an intraday high of 14,464.11.
Tech stocks led in early trading, with shares of Apple, Amazon and Salesforce rising more than 1%. Aerospace giant Boeing weighed on the Dow, with shares falling 3% after regulators told the company it is not likely to receive certification for its long-range aircraft until at least 2023.
A massive, bipartisan infrastructure deal appeared revitalized as of Sunday evening after President Joe Biden clarified on Saturday that he doesn’t plan to veto the legislation if it comes without a separate reconciliation bill favored by Democrats. Republican senators then said on Sunday that the deal can move forward.
The president, flanked by a bipartisan group of senators, declared on Thursday that the group had reached a multibillion-dollar deal to improve the nation’s roads, bridges, waterways and broadband after weeks of negotiation.
Democrats have been pushing for a second bill that would include funding for issues like climate change, child care, health care and education.
Prices for 10-Year Treasurys improved, lowering yields to 1.48% from Friday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices slid 98 cents to $73.07 U.S. a barrel.
Gold prices gained $3.30 to $1,781.10 U.S. an ounce.