With the help of infrastructure trading, stocks are added to weekly profits | Business

Stocks closed higher on Wall Street on Thursday as traders were urged to see some positive reports on bipartisan trading and the economy on infrastructure spending.

The S & P 500 hit a record high, surpassing the peak set earlier last week. Stock prices rose in the afternoon after President Joe Biden announced. Infrastructure trading, This is certain It benefits companies in the construction industry.

Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance, said the proposed agreement would be in favor of industrial, financial and energy equities. In the future market. “

The S & P 500 Index rose 24.65 points (0.6%) to 4,266.49. The Dow Jones Industrial Average rose 322.58 points (1%) to 34,196.82. The Nasdaq added 97.98, or 0.7%, to 14,369.71.

SME stocks performed much better than other markets. The Russell 2000 Index rose 30.15 points (1.3%) to 2,333.62.

Major indices rose further after President Biden announced infrastructure deals. The $ 973 billion plan over five years is the culmination of months of talks on both sides of the aisle. Biden’s larger spending plans are possible later this year.

Biden announced an infrastructure contract at the White House Thursday afternoon. Analysts say every effort to rebuild a country’s roads, bridges and other infrastructure could send stocks of companies that make machines and materials more expensive. Caterpillar was up 2.6% and Vulcan Materials was up 3.3%.

The market has settled since the Federal Reserve Board surprised investors last week, saying that if recent high inflation continues, it could start raising short-term interest rates earlier than expected by late 2023. Is regaining.

The Fed’s announcement last week announced the sale of shares and finances, as the Fed’s ultra-low interest rates designed to carry the economy through a pandemic underpin prices across the market and any changes will be a major issue. Caused a rise in provincial yields. But the sale reversed this week. All three major indexes have risen by more than 2% this week and are approaching record again.

Investors responded very little negatively to reports showing that 411,000 Americans had applied. Unemployment allowance Last week, it decreased by 7,000 from the previous week. This was a much slower decline than investors expected, stagnating for the second straight week after a steady decline in unemployment allowance claims for several months.

Meanwhile, orders to factories in the United States Expensive products The surge in demand for commercial aircraft marked the 12th rise in the last 13 months of May. Commerce said Thursday that durable consumer goods orders (which will last for at least three years) rose 2.3% in May, reversing the 0.8% decline in April, despite supply chain delinquency and labor shortages. Said he came.

Yields on 10-year Treasuries rose from 1.48% late Wednesday to 1.49%.

Rite Aid plunged 14.5% after expecting drugstore chains to report losses this year due to pressure on pharmacy benefits services and lower-than-expected sales.

Eli Lilly It rose 7.3% after the Food and Drug Administration gave the drug company rapid approval for experimental treatment of Alzheimer’s disease.

Buzzfeed Announced that the merger with a special purpose acquisition company will reveal it at an implicit value of $ 1.5 billion. The media company trades under the ticker BZFD but has not yet selected a stock exchange.

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

With the help of infrastructure trading, stocks are added to weekly profits | Business

Source link With the help of infrastructure trading, stocks are added to weekly profits | Business

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