The S&P 500 index on Wall Street has surpassed 4,000 points for the first time. Nasdaq starts the day significantly upwards after President Joe Biden presented his giant infrastructure package.
Published: Just updated
There is a broad rise from the start on the leading American stock exchanges on Maundy Thursday.
The S&P 500 index has for the first time risen above the symbolic limit of 4,000 points.
At the same time, the Purchasing Managers’ Index (PMI) for industry in the US has surprised the market positively with a strong 59.1 points for March.
The PMI index has its zero point of 50, so a value above this indicates an increase in activity.
This is the development on the American stock exchanges after a short hour of trading:
- The S&P 500 is up 0.8 percent
- Nasdaq climbs 1.7 percent
- The Dow Jones is up 0.2 percent
The S&P 500 has long struggled to get over 4,000 points:
The development comes after President Joe Biden presented his massive infrastructure plan late Wednesday night.
The ambitious plan, called the “American Jobs Plan” of at least $ 2,000 billion, is intended to create new jobs, renew aging infrastructure, contribute to the transition to a greener economy and increase competitiveness with China.
“This is not a plan seen through the eyes of Wall Street or Washington,” Biden said Wednesday night.
– Wall Street did not build this country, you built it.
The bite on the giant plan: – Wall Street did not build this country
On the technology front, computer chip manufacturers in particular are in focus after Taiwan Semiconductor Manufacturing Co. (TSMC) announced that it will invest $ 100 billion, equivalent to $ 855 billion over the next three years. The news comes just days after Intel announced it would spend $ 20 billion. Both will expand the capacity of their networks.
TSMC shares rose around 2.5 percent on the Taiwan Stock Exchange on Thursday morning. In afternoon trading, the Intel share rose 0.68 percent.
The Taiwanese manufacturer of computer chips is the world’s largest and supplies to Apple and Qualcomm, among others. Both companies are rising more than one percent in early trading.
Updated: April 1, 2021 4:25 PM
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