S&P500, Nasdaq Hit Record Highs As Biden Announces US Infrastructure Deal

NEW YORK (UrduPoint News / Sputnik - 25th June, 2021) US stocks rallied hard for a third time in a week on Thursday, with the S&P500 and tech-laden Nasdaq Composite indexes soaring to record highs after President Joe Biden announced a bipartisan infrastructure deal.

The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, raced to an all-time high of 4,271 before closing at 4,267.

Nasdaq, which includes high-flying tech stocks such as Facebook, Amazon, Apple, microsoft, Netflix and Google, hit an all-time high of 14,414. It settled Thursday's trade at 14,370,� up 0.7 percent.

The Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, finished at 34,197, up 1.

0 percent.

Stocks jumped after Biden said his Democratic Party had struck a deal on infrastructure with rival Republicans, with a senator from the other side saying no tax hikes were involved.

No immediate value was announced on the deal. Biden had originally proposed a $2.3 trillion infrastructure package but agreed to go lower after strong pushback from Republicans. US media reported earlier on Thursday that the two sides had come down to negotiating� a roughly $1 trillion deal.