Stocks wipe out gains after Dow touches record high

The U.S. equity markets turned on the lower side Monday afternoon as a trio of corporate deals and earnings looked ahead to the possibility of what could be an additional fiscal stimulus, Fox Business reports.

The Dow traded down all the way to 30 points before going upward back into positive territory. The index had gained 257 points earlier within the session at a record intraday high at 35,192.10. The S& P 500 and Nasdaq Composite index also went lower after earlier gains. This started off the month of August to a somewhat rocky start, coming after the S&P 500 in July had a sixth straight monthly advance. 

On Sunday the Senate released a $1 trillion bipartisan infrastructure plan to provide cash for roads, bridges and other forms of infrastructure. At the same time Senate Democrats are finishing up a $3.5 trillion package for human infrastructure which includes education, child care, climate change, and a variety of other items.

In order for the human infrastructure plan to pass it would need to pass through budget reconciliation, otherwise, there will likely be a Republican filibuster. Senate Majority Leader Chuck Schumer wants both bills to be voted on before Congress goes to recess August 6.

ARTICLE: MAUREEN MCGAURAN

MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: FOX BUSINESS

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