Stocks opened higher with the Dow marking a fresh intraday record high after the latest read on the consumer price index, CPI, came in up 0.5% month-on-month to 5.4%.
Economists surveyed by FactSet expected consumer prices in July to have risen 0.5%, or 0.4% excluding food and energy costs. The annual CPI rate was forecasted to have increased 5.3%.
The Dow Jones Industrial Average was up 110.56 points, the Nasdaq Composite was up 44.62 points and the S&P 500 was up 11.37 points.
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What Does Infrastructure Mean for the Economy?
Infrastructure and infrastructure stocks were in full focus Wednesday as the Democratic-held Senate approved the $3.5 trillion budget resolution along party lines following Tuesday's bipartisan approval of the $1.2 trillion infrastructure plan.
Both bills now head to the House of Representatives, which is currently in recess.
On Mad Money Tuesday, Jim Cramer noted that infrastructure is critical to economic growth and the strength of the stock market going forward.
"Stop pinning this rally on the Federal Reserve, Jim Cramer told his Mad Money viewers Tuesday. Sure, lower interest rates are helping the economy, but the Fed's contribution pales in comparison to the effects the child tax credit is having on retail or what the new infrastructure bills means for American manufacturing," Scott Rutt wrote in his Mad Money Recap.
Cramer interviewed Nucor CEO and president Leon Topalian, who noted that this deal is the first meaningful investment in American infrastructure in decades.
Nucor is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.
Coinbase Reports Earnings
During its first earnings report as a public company, Coinbase blew away second quarter estimates.
The cryptocurrency exchange reported adjusted earnings per share of $6.42 on revenue of $2.22 billion.
Coinbase saw monthly transacting users jump to 8.8 million, up 44% from the first quarter. Trading volume increased to $462 billion from $335 billion.
While the company didn't provide guidance, it did project lower monthly transacting users and lower trading volumes during the third quarter.
Pressure at the Pump
Amid rising gas prices, the Biden administration said it will call on OPEC and its oil-producing allies to boost production as well as calling on regulators to scrutinize the price at the pump.
The White House told CNBC OPEC+’s gradual easing of production cuts is “simply not enough” amid a “critical moment in the global recovery.”
As of Tuesday, the AAA reported that the average U.S. price for a gallon of gasoline stood at $3.186.
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday's Daily Rundown.