Records on Wall Street After Biden Infrastructure Deal Agreement

Stock markets in New York closed with gains on Thursday, with the broad S&P 500 and technology gauge Nasdaq soaring to new all-time highs. Sentiment on Wall Street was supported, among other things, by an agreement reached by US President Joe Biden on a package of hundreds of billions of dollars in investments in US infrastructure.

 

Biden closed the deal with a Senate representative during a round of negotiations in the White House. The investments are suitable for millions of American jobs, Biden said. The White House and Congress have been discussing the package for months, and it’s not over. It is not yet clear where all the money will go. It could become the most significant financial injection in decades into roads, bridges and ports in the US.

Tesla won 3.5 percent. Biden wants to invest a lot of money in infrastructure for electric vehicles such as charging points, which is beneficial for electric car manufacturers. Machine builder Caterpillar, known for its excavators, also benefited from the president’s investment plans with a plus of 2.6 percent. Steel companies US Steel and Nucor were up 3.4 percent.

The S&P 500 ended with a gain of 0.6 percent at 4266.49 points, and the Nasdaq rose 0.7 percent to 14,369.71 points. The Dow Jones Industrial Average closed 1 percent higher at 34,196.82 points.

Google also announces that the blocking of so-called ‘tracking cookies’ will be postponed until the end of 2023. It was previously intended that this would happen at the beginning of 2022. Regulators and advertisers have criticized Google for these plans because it could make it harder for other companies to compete with Google in the online advertising market. Advertising companies such as Trade Desk and PubMatic jumped up to 16 percent. Google parent Alphabet advanced 0.3 percent.

In addition, many economic reports came out, including weekly unemployment claims in the US, economic growth in the first quarter and consumer spending.

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