MTS Help Center

S&P 500 jumps 1% to a record as Biden signs new stimulus, Nasdaq rallies 2.5%

U.S. stocks climbed to record highs Thursday as the comeback in tech shares resumed, while the signing of additional fiscal stimulus gave sentiment a further boost.

The S&P 500 jumped 1% to 3,939.34, hitting a new closing high and retaking its previous record from Feb. 16. The Nasdaq Composite climbed 2.5% to 13,398.67 amid a rotation back into tech. Tesla popped 4.7%, while Apple, Facebook, Alphabet and Netflix all advanced at least 3%. The Dow Jones Industrial Average added 188.57 points, or 0.6%, to 32485.59. Earlier in the session, the blue-chip benchmark gained more than 300 points to hit an intraday record high.

President Joe Biden signed a $1.9 trillion coronavirus relief package into law Thursday afternoon. The plan will send direct payments of up to $1,400 to most Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal relief. The White House said Thursday that stimulus checks could start hitting bank accounts this weekend.

Stock futures rise after S&P 500 notches record

Futures contracts tied to the major U.S. stock indexes rose Thursday evening just hours after the S&P 500 closed at a record high and President Joe Biden signed landmark stimulus legislation.

Dow futures added 65 points and suggested a gain of a similar magnitude when regular trading resumes on Friday. Nasdaq 100 and S&P 500 futures both added about 0.2%.

Reference: CNBC