I've been traveling so I'm way behind.
This simply blows me away:
- both the Dow and the S&P 500 closed at all-time highs again today; and,
- the NASDAQ closed just below its peak.
The business writers attributed these all-time highs to the fact that the US Senate passed the "bipartisan" -- much could be said.
NPR says "the bill (not yet passed by the US House) is a(n) historic piece of legislation that could reshape American lives for decades."
Oh, give me a break really?
At that same linked NPR article when the writer finally gets around to telling us what's in the bill, this is the #1 line item:
lawmakers set aside the largest share of the money, $110 billion for roads and bridges. That's going to "reshape American lives for decades"?
This is the "full" list of items that "reshape American lives for decades":
- $73 billion for electric grid and power infrastructure
- $66 billion for passenger and freight rail
- $65 billion for broadband investments
- $55 billion for water systems and infrastructure
- $50 billion for Western water storage
- $39 billion for public transit
- $25 billion for airports
- $21 billion for environmental remediation projects
- $17 billion for ports and waterways
- $15 billion for electric vehicles
- $11 billion for road safety
Look at these "headline" items in that package and tell me how that money will even be spent any time soon.
I just can't imagine this bill passed by the US Senate today had anything to do with the market.
However, having said that, US corporations (who wrote the bill) are now poring over the bill to start their strategic planning to start competing for this money.