S&P 500 Soars To 4,000 Following Biden’s Infrastructure Spending Plan Unveiling
Technology shares were sent soaring to new highs as investors’ optimism lifted amid increasing confidence in the country’s economic recovery amid Biden’s ambitious $2.25 trillion infrastructure spending plan.
The S&P 500, which tracks the performance of 500 companies listed on major US stock exchanges, rose by 0.8% to above the 4,000 mark for the first time, while the Dow Jones Industrial Average increased by 0.25% to 33,062. Similarly, the broad market index also soared to record-breaking intraday high, with the Nasdaq advancing by 1.74%. Seven of the 11 S&P sectors also recorded gains, as technology and communication services grew by over 1.5%.
A number of stocks jumped following US President Joe Biden’s extensive infrastructure spending plan, which is expected to total $2.25 trillion. The latest proposal is divided into two parts, and is aimed at helping the country’s economy re-emerge from the Covid-19 crisis. Biden’s plan includes $650 billion in spending towards affordable housing and clean drinking water; $621 billion towards transportation infrastructure; $580 billion for combatting climate change; and $400 billion for healthcare.
Investor sentiment was also boosted by the upcoming US jobs market report, which is expected to show a significant improvement following the $1.9 trillion stimulus bill and ongoing vaccination drive.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
