Dow and S&P 500 hit new all time highs!
U.S. stocks climbed to record highs on Thursday, 11th March 2021 as a rebound in tech shares resumed and President Biden’s massive $1.9 trillion Covid relief package became law. The Dow finished up 188 points after rallying more than 300 points earlier intraday trading.
Record breakers
The Dow closed up to close at: 32485 and the S&P 500 also jumped to a new high to close up at: 3939.
Massive fiscal stimulus, vaccination programme rollout and improving job data begin to stimulate the U.S. economy
The stimulus is substantially larger than was originally expected to pass the Senate. Its provisions are likely to be highly accommodative of consumption and growth.
But while the Dow and S&P 500 were busy clinching new closing records, the Nasdaq also quietly posted the best gain on the day with a climb of 2.5% amid a180 degree turn back into popular technology equities as inflationary worries subsided and bond yields retreated.
Stocks that carried the index higher included a further 4.7% gain in Tesla and gains of around 3% in FANNG stocks; Facebook, Apple, Netflix and Alphabet (Google). These gains came on-top of earlier tech share gains in the same week.
The Nasdaq is attempting to climb out of a 10% correction it suffered earlier this month.
U.S. job data improvement helped sentiment
Investors also cheered a slightly better than expected reading on weekly jobless claims that showed a decline in the number of first-time applicants for jobless benefits.
So far, so good for the start of the U.S. economic recovery.