Major US stock indices retreated from records on Monday as investors weighed progress on US infrastructure legislation against concerns about the latest Covid-19 wave. Markets greeted news that President Joe Biden’s $1.2 trillion infrastructure package cleared a key senate procedural vote, setting the stage for the bill to pass the chamber on Tuesday. Offsetting that positive news, however, was the latest surge in Covid-19, with the Delta variant leading to a spike in infections in states with low vaccination rates. The latest Covid-19 trend weighed on travel-related stocks. Major US airlines dropped more than two percent, along with hotel chains such as Marriott International. The Dow Jones Industrial Average dropped 0.3 percent to end the day at 35,101.85, while the broad-based S&P 500 dipped 0.1 percent to 4,432.35, after both closed at records on Friday. The tech-rich Nasdaq Composite Index advanced 0.2 percent to finish at 4,860.18. Among individual companies, Moderna shot up 17.1 percent and Pfizer won 2.0 percent.
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