By Yasin Ebrahim

Investing.com – The S&P 500 closed above an unprecedented milestone Monday, as investors boosted materials stocks after House Democrats passed the $1 trillion bipartisan infrastructure package.

The Nasdaq gained 0.07%, and the rose by 0.09%. The record was broken by all three main averages and the closes at record highs.   

Rising commodity prices helped materials, as did hopes of increased infrastructure activity following the passing of the $1 trillion infrastructure bill by lawmakers this weekend.

CF Industries (NYSE:), Freeport-McMoran & Gold (NYSE:) and Vulcan Materials (NYSE:) were among biggest gainers in the sector.

Bipartisan infrastructure legislation is being signed by President Biden. This bill aims at improving the nation’s essential infrastructure such as transportation and broadband access.

Expect the House to approve the ambitious $1.75 trillion package for “human infrastructure”, or Build Back better Act, by Thanksgiving.

The legislative bill would have to pass the Senate. Democrats control a majority of 50-50 and struggle to agree on the bills to be included and the best way to finance them.

After Saudi Arabia increased its selling price for oil exports from Asia at a time of tight supplies, energy was buoyed by the rising oil prices.

Commerzbank (DE), in a memo, stated that Saudi Arabia was capable of raising its prices in such a way to indicate strong demand for Asia.

Tech was led by a rally in semiconductors. Nvidia, Advanced Micro Devices and Nvidia are both expected to profit from the spending plans of Meta (NASDAQ:) to expand its metaverse platform.

Nvidia (NASDAQ) rose 3% following BMO’s upgrade to its rating of the stock from $250 to $375 per share. This was due in part because it expects that Facebook’s decision to invest heavily on developing its metaverse will help Nvidia’s chips business.

Advanced Micro Devices (NASDAQ) grew more than 10% following a Meta contract to supply chips for the data center of Facebook.

Consumer discretionary stocks fell in line with a Tesla slump (NASDAQ:). This was after Elon Musk, Chief Executive, asked his Twitter followers if he should let go of his 10% stake. Around 58% of those surveyed supported selling the stake.

Ford Motor (NYSE 🙂 partially compensated some losses. The stock rose almost 5% after Goldman Sachs NYSE : raised its price target to $20 (previously $18) and maintained its neutral rating.

The U.S.’s lifting of its travel ban allowed fully-vaccinated visitors to continue to make progress in the reopening market.

United Airlines  (NASDAQ:) and Delta Air Lines (NYSE:) rose less than 1%, while American Airlines (NASDAQ:) was up more than 1%.

In other news, cryptocurrency-related stocks including Riot Blockchain (NASDAQ:), Marathon Digital (NASDAQ:), Coinbase (NASDAQ:) Global, were underpinned by a surge in bitcoin and , with the latter hitting fresh record highs.