Wall Street Closes Higher For Month Of March Based On US Stimulus Spending Expectations

NEW YORK (UrduPoint News / Sputnik - 01st April, 2021) Wall Street closed sharply higher for the month of March and the first quarter of the year as all three main US equity indexes rose broadly on expectations that the Biden administration's $1.9 trillion relief program will fast-track economic recovery from the coronavirus pandemic.

The Dow Jones Industrial Average, Wall Street's broadest stock indicator comprising mostly industrial stocks, rose 6.7 percent for March and 7.8 percent for the quarter. For Wednesday's session itself, the Dow closed a touch lower, shedding 0.25 percent.

The S&P500, which groups the top 500 stocks on the New York Stock Exchange, gained 5.5 percent for the month and 5.9 percent for the quarter.

For Wednesday, it rose 0.4 percent.

The technology-laden Nasdaq Composite Index closed up 4.1 percent for March and 2.8 percent for the quarter. Nasdaq, which groups high-flying tech stocks such as Facebook, Apple, Amazon, Netflix and Google, was also the strongest performer of the day among the three indexes, gaining 1.5 percent.

Stocks rallied from start to finish on Wednesday as investors reacted positively to news of an impending announcement by President Joe Biden of an infrastructure development program estimated to be worth $2 trillion. It will be the second stimulus package in a month to be unveiled by Biden, after the $1.9 trillion coronavirus relief bill passed by Congress in early March.