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Dow Sets New Closing High on $1T Infrastructure Passage
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The Dow Jones set a new all-time trading high at the close of Tuesday’s session, +0.46% on the day to 35,264. The S&P 500 closed in on a new all-time high of its own, +0.10% to 4436. Both index gains were seen as responsive to the $1 trillion infrastructure bill passing the Senate on a bipartisan basis (the bill now must pass the House). The Nasdaq slipped -0.49% on the day, while the Russell 2000 gained +0.20% on the day.
While the infrastructure story passes a major hurdle, there is a likelihood we’ll see plenty of drama in the lower house on Capitol Hill, though the Democratic majority there may ultimately make it easier to pass than in the 50/50 Senate. There is also a $3.5 trillion “human capital” infrastructure bill coming through the Senate that analysts say will need to bypass filibuster restrictions in order to survive.
This good news is counter-weighted by a 35% increase in Covid cases in the U.S. over the past week, particularly in vaccination- and mask-averse states such as Texas, Arkansas and Florida. Hospitalizations are up 40% and deaths — which lag other pandemic figures, with which we became familiar over the past year and a half — have already gained 18% on the week.
Florida, in particular, is in bad shape: with a record 28K+ new cases reported Sunday and eight straight days on new record highs, the aggressive anti-mask stance of the state government seems to have put Florida behind the 8-ball. Top it off with this being the week children return to school across the state, and we are likely to have not seen the worst of this current wave in the Sunshine State.
Cryptocurrency exchange Coinbase (COIN - Free Report) reported its first full quarter of being a publicly traded equity (its IPO was on April 14th, at $328.28 per share) with beats on both top and bottom lines for its Q2: sales of $2.2 billion beat the Zacks consensus estimate of $1.8 billion and was +27% quarter over quarter (+1000% year over year), on earnings per share of $6.42 which, if comparable to Zacks estimates, nearly tripled expectations.
Trading Volume in the quarter reached $462 billion, with $1.9 billion in Transaction Revenues and $103 million in Subscriptions Services. These are all strong numbers, although the company did guide lower for trading volume in Q3, citing volatility in the crypto environment. Late trading initially saw a bump in share price, but have since sunk into slightly negative territory.
Image: Bigstock
Dow Sets New Closing High on $1T Infrastructure Passage
The Dow Jones set a new all-time trading high at the close of Tuesday’s session, +0.46% on the day to 35,264. The S&P 500 closed in on a new all-time high of its own, +0.10% to 4436. Both index gains were seen as responsive to the $1 trillion infrastructure bill passing the Senate on a bipartisan basis (the bill now must pass the House). The Nasdaq slipped -0.49% on the day, while the Russell 2000 gained +0.20% on the day.
While the infrastructure story passes a major hurdle, there is a likelihood we’ll see plenty of drama in the lower house on Capitol Hill, though the Democratic majority there may ultimately make it easier to pass than in the 50/50 Senate. There is also a $3.5 trillion “human capital” infrastructure bill coming through the Senate that analysts say will need to bypass filibuster restrictions in order to survive.
This good news is counter-weighted by a 35% increase in Covid cases in the U.S. over the past week, particularly in vaccination- and mask-averse states such as Texas, Arkansas and Florida. Hospitalizations are up 40% and deaths — which lag other pandemic figures, with which we became familiar over the past year and a half — have already gained 18% on the week.
Florida, in particular, is in bad shape: with a record 28K+ new cases reported Sunday and eight straight days on new record highs, the aggressive anti-mask stance of the state government seems to have put Florida behind the 8-ball. Top it off with this being the week children return to school across the state, and we are likely to have not seen the worst of this current wave in the Sunshine State.
Cryptocurrency exchange Coinbase (COIN - Free Report) reported its first full quarter of being a publicly traded equity (its IPO was on April 14th, at $328.28 per share) with beats on both top and bottom lines for its Q2: sales of $2.2 billion beat the Zacks consensus estimate of $1.8 billion and was +27% quarter over quarter (+1000% year over year), on earnings per share of $6.42 which, if comparable to Zacks estimates, nearly tripled expectations.
Trading Volume in the quarter reached $462 billion, with $1.9 billion in Transaction Revenues and $103 million in Subscriptions Services. These are all strong numbers, although the company did guide lower for trading volume in Q3, citing volatility in the crypto environment. Late trading initially saw a bump in share price, but have since sunk into slightly negative territory.
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