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

Stock MarketsJun 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 (21)
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
Rick Baier
Rick Baier Jun 24, 2021 4:26PM ET
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Enjoy your electric bills . Gas plants shut coal plants as well. It's gonna be ruff
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
Sloppy Joe
Sloppy 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
Ali Shahid
Ali Shahid Jun 24, 2021 3:02PM ET
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Benoit Avril
Benoit Avril Jun 24, 2021 2:40PM ET
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Is he becoming younger?
Joanna Yin
Joanna Yin Jun 24, 2021 2:27PM ET
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Where is money coming from?
Show previous replies (7)
sal galeano
sal galeano Jun 24, 2021 2:27PM ET
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They're not taxing the wealthy so it's going to be printed.
John Avenetti
John Avenetti Jun 24, 2021 2:27PM ET
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bro. if they taxed rhe wealthy in America 100% it would the government for.3 months. get your facts straight. without the wealthy employing people and instead the government... you have socialism. maybe that's what you want.
Jurgen Daub
Jurgen Daub Jun 24, 2021 2:27PM ET
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from you and me, not from the billionaires because reps want let raise taxes on them, just on us
Jurgen Daub
Jurgen Daub Jun 24, 2021 2:27PM ET
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yep, the nice billionaires that dont pay taxes anyway. i would love to pay a million buck taxes each month, there would be another 1.5 or so million left for me to waste with things that nor me nor my girlfriends need, like flying with private jet across the country for a haircut or a nice dinner.
Jurgen Daub
Jurgen Daub Jun 24, 2021 2:27PM ET
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yea, leave them taxfree and melk the cow, we the people
Chatt career
Chatt career Jun 24, 2021 2:25PM ET
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We have a deal ,ie Republican party wouldn't agree about anything even infrastructure we have a deal indeed .Team work should improve for the nation benefit not sabotaging bills blindly .
Mike Borrelli
Mike Borrelli Jun 24, 2021 2:25PM ET
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Cant agree for huge pork barrel, agenda filled spending is what you mean
Darryl Allen
Darryl Allen Jun 24, 2021 2:24PM ET
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"The deal didn’t include the more ambitious initiatives including spending to expand child care and fight climate change" friggin Democrats lmao
Sergio Ortiz
Sergio Ortiz Jun 24, 2021 2:24PM ET
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yeah, good for nothing freeloading kids and planet, who needs them?
Tyler Phillis
Tyler Phillis Jun 24, 2021 2:24PM ET
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Darryl Allen
Darryl Allen Jun 24, 2021 2:24PM ET
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child care isn't infrastructure, genius
Doniyor Isoqov
Doniyor Isoqov Jun 24, 2021 2:14PM ET
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okay
Robert Simanton
Robert Simanton Jun 24, 2021 2:07PM ET
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Get more people working good jobs a lot of the social issues with fix themselves.
Robert Simanton
Robert Simanton Jun 24, 2021 2:07PM ET
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will fix themselves
adren mackenzie
adren mackenzie Jun 24, 2021 2:07PM ET
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if people voting for you relies on them being poor and government dependent, why would they do that? they first need to implement enough socialist policies and judicial persecution so that when the gulags and breadlines show up people cannot flee the country.
edward smith
edward smith Jun 24, 2021 2:02PM ET
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love how they use one of their stock photos of Biden trying to make him look like he's tough, but then in the article give perhaps the most pathetic presidential quote ever. “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."
Sergio Ortiz
Sergio Ortiz Jun 24, 2021 2:02PM ET
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most pathetic presidential quote ever? You don't know a lot of history, do you?
Alexander Stinson
Alexander Stinson Jun 24, 2021 1:56PM ET
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market can be propped up for so long....
Martin Lewis
Martin Lewis Jun 24, 2021 1:56PM ET
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Unfortunately economic growth based on currency devaluation is short-lived...the USD is worth significantly less than during previous years and debt levels are at historical and critical levels. Housing prices up, cost of living up, home sales down, inflation at multi-decade highs...globalists make money through currency devaluation, and use their socialist sheep to push their agenda. Under Trump, the USD index was at multi-years highs, they were able to raise interest rates, and stock market boomed. Under Biden, they have just made the rich richer through currency devaluation and the market dumps several percent even if the Fed passes gas that slightly sounds like "0.01% rise in rates"...meanwhile media pushing out fluff pieces lo gaslight.
adren mackenzie
adren mackenzie Jun 24, 2021 1:56PM ET
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true, there is even a headline today talking about how people are still unable to pay their rent and Biden is having to extend the eviction memorandum. "Biden administration extends residential eviction ban until end of July".
 
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