The S&P 500 index on Wall Street hovered over 4,000 points for the first time on the last trading day of the week. Tech-heavy Nasdaq took the lead after President Joe Biden unveiled its gigantic infrastructure package.
Published: Just updated
Tek shares led a broad rise on the leading US stock markets on Maundy Thursday, which was the week’s last trading day.
The S&P 500 index closed for the first time above the symbolic limit of 4,000 points and set a new record with 4,019.87 points.
This is what the US indices look like at closing time:
- The S&P 500 closed up 1.18 percent
- Nasdaq closed up 1.76 percent
- The Dow Jones closed up 0.52 percent
Oil prices rose sharply on Thursday night after the Opec + oil cartel agreed to increase oil production gradually in May, June and July.
At closing time on Wall Street, North Sea oil trades at $ 64.6 a barrel, while WTI oil trades at $ 61.2 a barrel.
Biden plan and key figures
The development comes after President Joe Biden late Wednesday night presented his massive infrastructure plan, which will be financed with, among other things, higher corporation tax.
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.
The bite on the giant plan: – Wall Street did not build this country
On Thursday, the market was positively surprised that the Purchasing Managers’ Index (PMI) for the US industry ticked in at 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.
But the number of first-time applicants for unemployment benefits in the United States was surprisingly high last week: 719,000.
This is an increase from the week before, when 658,000 applied, which was the lowest number since the start of the pandemic.
Microsoft rose for the second day in a row
Microsoft rose for the second day in a row and ended the day up 2.79 percent. The company will supplement the US military with 120,000 AR headsets of the HoloLens type.
Otherwise, computer chip manufacturers were in focus after Taiwan Semiconductor Manufacturing Co. (TSMC) announced that it would 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.
Intel ended the day up 0.86 percent.
The TSMC share rose around 2.5 percent on the Taiwan Stock Exchange on Thursday morning.
The Taiwanese manufacturer of computer chips is the world’s largest and supplies to Apple and Qualcomm, among others.
Apple and Qualcomm rose 0.69 and 3.92 percent, respectively.
Updated: April 1, 2021 10:12 PM
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