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S&P 500 tops 4,000 as Wall Street cheers Biden's $2 trillion infrastructure plan (INX, COMPX, NDX, DJIA, RUT, RUI)

Published by Business Insider on Thu, 01 Apr 2021

<p><img src="https://static5.businessinsider.com/image/601d033c19cbd800188afe0c-1024/GettyImages-143986030.jpg" border="0" alt="Traders work on the floor of the New York Stock exchange" data-mce-source="Spencer Platt/Getty Images" data-mce-caption="Traders work on the floor of the New York Stock exchange" data-link="https://www.gettyimages.co.uk/detail/news-photo/traders-work-on-the-floor-of-the-new-york-stock-exchange-on-news-photo/143986030"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>US blue-chip stocks hit record highs on Thursday, starting off the second quarter with a bang, after&nbsp;President Joe Biden's plans to spend $2 trillion to upgrade and modernize US infrastructure ignited investor risk appetite, boosting equities and commodities.</p><p>The S&amp;P 500 pushed past the 4,000 level for the first time, getting off to a strong start for <a href="https://markets.businessinsider.com/news/stocks/april-strong-month-stocks-wall-street-spx-500-lpl-financial-2021-3-1030265643">April</a>, a month that typically has been one of the strongest in the year for the benchmark index.</p><p>Here's where US indexes stood at 09:57 a.m. on Thursday:&nbsp;</p><ul><li aria-level="1"><a href="https://markets.businessinsider.com/index/s&amp;p_500'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,998.26, up 0.64% (25.37 points)</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/dow_jones'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 32,992.39, up 0.03 % (10.84 points)</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/nasdaq_composite'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 13,460.03, up 1.61% (213.16 points)</li></ul><p><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla shares</a> were among so-called green stocks that rose after Biden late Wednesday <a href="https://www.businessinsider.com/biden-2-trillion-infrastructure-plan-roads-bridges-broadband-power-2021-3">outlined an eight-year plan</a> for investments in transportation systems, including shifts toward electric vehicles, as well as spending on broadband and roads. He's also aiming for investment in other areas such as child care.</p><p>Biden's plan will also include an accompanying tax hike for corporations, something which could temper some of the enthusiasm on Wall Street, analysts said.</p><p>"The larger impact to markets will be whether or not the corporate tax rate is raised to 28% -- or somewhere in between there and the current 21% level -- and whether or not a global minimum tax on corporations can be established," Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a note.</p><p>"It's likely that the stock market can withstand a hike in the corporate tax rate to 25%, but unclear how much room there is above that if stocks are going to keep moving higher between now and year-end," he said.&nbsp;</p><p>Meanwhile, the 10-year Treasury yield fell below 1.7%, as bond prices rose following the release of US jobless claims data that cast some doubt on the robustness of the labor market. <a href="https://www.businessinsider.com/weekly-jobless-claims-719000-biden-infrastructure-recovery-labor-market-unemployment-2021-3">Claims totaled 719,000 last week</a>, higher than the median estimate of 678,000 from economists surveyed by Bloomberg. The reading also marked the second increase in three weeks.</p><p>Elsewhere, US-listed shares of <a href="https://markets.businessinsider.com/news/stocks/nio-xpeng-stock-prices-q1-deliveries-electric-vehicles-tesla-chips2021-4-1030269247">Nio and Xpeng jumped</a> after the China-based electric vehicle manufacturers reported strong first-quarter delivery figures.&nbsp;</p><p><a href="https://markets.businessinsider.com/commodities/gold-price'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Gold</a> rose 0.7% to $1,727.15 per ounce. Long-dated US Treasury yields eased, with the 30-year yield falling 6 basis points to 2.368%, while the benchmark 10-year yield also fell 6 basis points to 1.697%, still close to its highest since the onset of the pandemic last year.</p><p>Oil prices rose as OPEC and its allies met to discuss their production strategy. <a href="https://markets.businessinsider.com/commodities/oil-price'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Brent crude futures</a>, the global benchmark, gained 1.7% to $63.80 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price'type=wti'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> traded up 2.1% at $60.41 a barrel.&nbsp;</p><p>Bitcoin was last up 0.7% on the day at $58,961.&nbsp;</p><p><a href="https://markets.businessinsider.com/currencies/news/stock-market-news-gain-biden-infrastructure-spending-tech-2021-4-1030269440#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/electric-planes-future-of-aviation-problems-regulations-2020-3">Why electric planes haven't taken off yet</a></p>
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