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S&P 500 Makes Dash to Fresh Record as Biden Seals Infrastructure Deal

Stock Markets Jun 24, 2021 03:57PM ET
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By Yasin Ebrahim

Investing.com – The S&P 500 added to gains to climb to a fresh record Thursday led by surge in cyclical stocks after President Joe Biden announced nearly $600 billion deal on infrastructure, paving the way for fresh investment in roads, bridges and broadband internet.

The S&P 500 rose 0.60% to record intraday high of 4,267.71.20 and the Dow Jones Industrial Average jumped 0.94%, or 319 points, while the Nasdaq climbed 0.7% having hit an all-time high of 14,414.5 intraday.

“We have a deal,” Biden told reporters Thursday. “I think it’s really important we’ve all agreed that none of us got all that we wanted.”

The deal didn’t include the more ambitious initiatives including spending to expand child care and was much lower than the $2.3 trillion package touted by Biden earlier this year. The plan will have to move forward alongside a much larger package  -- expected to be funded by tax hikes -- that would focus spending on “human infrastructure." But there is not much wiggle room to get the proposed larger infrastructure package passed in Congress where Democrats hold a slender majority.    

The upgrade to critical infrastructure is widely expected to boost productivity and ultimately economic growth.

Cyclical areas of the market, which benefit from stronger economic growth, added to gains with financials leading to the upside.

Financials were also helped by jump in banking stocks ahead of the Federal Reserve's stress test results due later Thursday, that could pave the way for a massive wave of capital return to shareholders.

JPMorgan Chase & Co (NYSE:JPM), Goldman Sachs Inc (NYSE:GS) and Wells Fargo & Company (NYSE:WFC), with the latter up 3%.

Tech, meanwhile, was helped by a bid up in chip stocks even as some warn there isn't any light at the end of the tunnel just yet for the supply shortage in chips. Flex, the world’s third-biggest chipmaker, said the lack of supply is likely to last until at least mid-2022. 

With the exception of Apple (NASDAQ:AAPL), and Amazon.com (NASDAQ:AMZN), megacap tech was mostly higher with  Microsoft adding to its $2 trillion market cap. 

Microsoft (NASDAQ:MSFT, Facebook (NASDAQ:FB), and Google-parent Alphabet (NASDAQ:GOOGL) were in the green. 

S&P 500 Makes Dash to Fresh Record as Biden Seals Infrastructure Deal
 

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Comments (19)
perplexed76 .
perplexed76 . Jun 24, 2021 11:26PM ET
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nowadays 600 billions is a drop in the bucket
David David
David9 Jun 24, 2021 6:36PM ET
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If they are only spending three Jeff Bozos on infrastructure, they better hire the chinese to do the job to make the dollar stretch far, if not, three Bozos's amount will not be able to do much in infrastructure building...
Ur Daddy
Ur Daddy Jun 24, 2021 6:30PM ET
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biden is sent by Russian to bankrupt US.
Jeff Sumeracki
Jeff Sumeracki Jun 24, 2021 6:30PM ET
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A crash like no other is coning. Irrational exuberance. Hope you have some cash reserves to buy on the dip (start protectong your gains)…
Anthony Anthony
Anthony Anthony Jun 24, 2021 6:30PM ET
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Biden IS a Russian
Jon Bal
Jon Bal Jun 24, 2021 4:26PM ET
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so no corp. tax increase but close the tax gap instead. so audits, penalties and interest for everyone.. at least those who can't afford to or dont know how to fight them
Mitchel Pioneer
Mitchel Pioneer Jun 24, 2021 4:23PM ET
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Another day of record fraud in the greatest investment joke in history.
Ali Jangi
Ali Jangi Jun 24, 2021 4:19PM ET
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all comments are negative about Joe Biden🖤✅
Dave Jones
Dave Jones Jun 24, 2021 4:11PM ET
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non of us got what we wanted? eh???
Ben Chod
Ben Chod Jun 24, 2021 3:42PM ET
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Is it true he got it on with Oprah Winfry?
David David
David9 Jun 24, 2021 3:42PM ET
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I thought that was Trump...
David David
David9 Jun 24, 2021 3:21PM ET
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Honestly... $600B does not go a long way in US... that is only three Jeff Bozos...
Jurgen Daub
Jurgen Daub Jun 24, 2021 3:21PM ET
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agree, specially when the corrupt construction industry puts a good part in the black hole
Farting Joe
Farting Joe Jun 24, 2021 3:19PM ET
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senil grandpa wont bring anything
Tru Gfu
Tru Gfu Jun 24, 2021 3:19PM ET
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more than criminal guy did in 4 years. but facts are not relevant to his supporters and conspirators and accomplices
Tru Gfu
Tru Gfu Jun 24, 2021 3:19PM ET
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calling some names you can't even spell, boy that is impactful
Hung Pham
Hung Pham Jun 24, 2021 3:19PM ET
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Tru Gfu haha hey communist
 
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