Stocks jumped to session highs on Thursday after President Joe Biden announced that the White House had reached an infrastructure deal with a bipartisan group of senators. The S&P 500 and Nasdaq both climbed to hit new record closing highs, while the Dow added more than 300 points to sit about 2.6% away for its all-time high.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
White House, Senate reach infrastructure deal:
President Joe Biden announced Thursday that the White House has reached an infrastructure deal with a bipartisan group of senators.
"They have my word. I'll stock with what we've proposed, and they've given me their word as well," Biden said at the White House, quoted by CNBC. "None of use got all we wanted. I didn't get all that I wanted. But this reminds me of the days we used to get an awful lot due up in the United States Congress."
The framework of the infrastructure deal will include $579 billion in new spending: $312 billion for transportation, with $109 billion set aside for roads, brides and other major project, while $66 billion will go towards passegner and freight rail and $49 billion in public transit; $266 billion will fund non-transportation infrastructures; $73 billion for power; $65 billion for broadband; $55 billion for water; and $15 billion will be invested in electric vehicle infrastructures.
Here's how benchmarks started trading after opening bell:
S&P 500 Index: +0.52% or +21.93 points to 4,263.77
Dow Jones Industrial Average: +0.49% or +166.52 points to 34,040.76
Nasdaq Composite Index: +0.63% or +90.09 points to 14,361.82
Durable goods orders rise in May at slower-than-expected pace:
Durable goods orders jumped 2.3% in May over April, according to the Commerce Department's preliminary monthly report. However, the month's rise was slower-than-expected and highlights current supply chain issues and the weight they have on the market.
Non-defense capital goods orders, excluding aircraft, unexpectedly fell for the first time since February, ticking down by 0.1% compared to the 0.6% increased expected, according to Bloomberg consensus data.
Jobless claims remain above 400,000 for second week:
Initial unemployment claims remained above the 400,000 level for a second consecutive week for the period ended June 19, totaling above the 380,000 expected at 411,000 claims, according to the Labor Department. However, last week's total was down from the 418,000 upwardly revised for the prior week.
Continuing jobless claims showed more improvement, falling to a new pandemic-era low of 3.39 million for the week ended June 12. This total was below the 3.46 million expected and the 3.534 million total reported for the previous week.
