S&P 500 closes at a record, Dow jumps 320 points as Biden reaches infrastructure deal
U.S. stocks jumped to session highs, with the S&P 500 reaching a record, Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.
The S&P 500 rose nearly 0.6% to hit a record closing high of 4,266.49, retaking its previous record from June 14 and fully recouping the losses triggered by the Federal Reserve’s surprise policy pivot. The Dow Jones Industrial Average added 322.58 points, or about 1%, to 34,196.82, sitting about 2.6% from its all-time high. The Nasdaq Composite jumped 0.7% to reach another record at 14,369.71.
The infrastructure deal will include $579 billion in new spending, the White House said. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%.
A broad group of stocks gained to push the benchmarks to new highs. Financials, energy and communication services were the best-performing sectors Thursday. Tesla added 3.5%, while Caterpillar jumped 2.6%.
Dow futures rise 100 points helped by Nike earnings, key inflation report ahead
U.S. stock futures rose in overnight trading on Thursday after the S&P 500 closed at a record.
Dow futures rose about 100 points. S&P 500 futures gained 0.1%, and Nasdaq 100 futures were flat.
Reference: CNBC
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