US indexes hit record with Biden’s US$1.2 trillion plan

By , in Economy World on .

ANKARA, June 25 – Two major indexes in US stock market hit record high levels on Thursday with President Joe Biden administration’s much-awaited US$1.2 trillion spending on infrastructure framework, according to Anadolu. 

S&P 500 gained 24 points, or 0.6 per cent, to close at 4,266 after hitting an all-time high of 4,271 earlier. The Nasdaq rose 98, or 0.7 per cent, to end the day 14,369 after the tech-heavy index hit a record high of 14,414 earlier. 

Electric carmaker Tesla saw its shares soar 3.6 percent, while Twitter increased 2.7 percent.

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The blue-chip Dow Jones jumped 322, or 0.95 per cent, to 34,196 at final bell. Investment banking majors Goldman Sachs and Morgan Stanley gained 2.1 per cent and 1.4 per cent, respectively, while Walt Disney increased 1.5 per cent. 

Biden announced earlier he agreed to and is supporting a bipartisan infrastructure framework that was formed by a group of senators, which will see US$1.2 trillion spent in eight years, including US$579 billion in new spending for the first five years.

The plan will have investments in clean transportation, universal broadband, clean power, rebuilding roads and bridges, modernizing transit and rail networks while reducing greenhouse gas emissions.

Oil prices have continued to increase as reopening from the pandemic has accelerated around the world, which increased global demand.

Price of Brent crude was at US$75.59 per barrel with a 0.5 per cent gain after market close, while US’ West Texas Intermediate was at US$73.33 with a 0.3 per cent gain.

BERNAMA

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