S&P 500 Surpasses 4000 As Wall Street Applauds Biden’s $ 2000 Billion Infrastructure Plan | Currency News | Financial and business news

• The S&P 500 broke the 4000 mark for the first time as second quarter trading began.
• Shares rose after President Joe Biden presented his $ 2 trillion multi-year infrastructure plan.
• The 10-year Treasury yield edged down after weekly jobless claims rose more than expected.
• See more stories on the Insider business page.

Blue-chip US stocks hit record highs on Thursday, starting the second quarter on a high note, after President Joe Biden’s plans to spend $ 2 trillion to modernize and modernize US infrastructure triggered risk appetite investors, stimulating stocks and commodities.

The S&P 500 broke above the 4000 level for the first time, getting off to a good start in April, a month that has generally been one of the strongest of the year for the benchmark.

Here’s where the U.S. indices were at 9:57 a.m. Thursday:

Tesla’s shares were among so-called green stocks that rose after Biden on Wednesday night presented an eight-year plan for investments in transportation systems, including the switch to electric vehicles, as well as spending at the top. flow and in routes. It also targets investments in other areas such as childcare.

Biden’s plan will also include a tax hike for businesses, which may dampen some of the enthusiasm on Wall Street, analysts said.

“The biggest impact on the markets will be whether or not the corporate tax rate is raised to 28% – or somewhere between it and the current level of 21% – and whether a global minimum tax on corporations may or may not be established, ”he added. Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a note.

“It is likely that the stock market can resist a corporate tax rate hike to 25%, but it is unclear how much room there is above if stocks are going to keep rising until the end. of the year, ”he said.

Meanwhile, the 10-year Treasury yield fell below 1.7% as bond prices rose following the release of US jobless claims data that cast doubt on the robustness of the labor market. Claims totaled 719,000 last week, more than the median estimate of 678,000 from economists polled by Bloomberg. The reading also marked the second increase in three weeks.

Elsewhere, US-listed shares of Nio and Xpeng surged after Chinese-based electric vehicle makers reported strong first-quarter delivery figures.

Gold rose 0.7% to $ 1,727.15 an ounce. Long-term U.S. Treasuries 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 start of the last pandemic. year.

Oil prices rose when OPEC and its allies gathered to discuss their production strategy. Futures on Brent, the global benchmark, gained 1.7% to $ 63.80 a barrel, while West Texas Intermediate crude traded up 2.1% to $ 60.41 a barrel. barrel.

Bitcoin was last up 0.7% on the day at $ 58,961.