Tesla Shares Pushed the Nasdaq to Record High

Wall Street stocks reached record highs on Thursday. It followed Joe Biden’s announcement of a tentative agreement on a $579 billion infrastructure plan. On the other hand, business data has been excellent for Friday. 

The Dow Jones industrial average surged by 0.95% or 322 points, to 34,196.82. Meanwhile, the S&P 500 rose by 0.58% or 24.65 points to 4,266.49. The Nasdaq advanced by 0.69% or 97.98 points on the fourth consecutive winning streak, to 14,369.71. 

Tesla’s shares surged by 5.3% during the session and eventually ended with an increase of 3.5%. 

The yield on the benchmark 10-year Treasury note expanded by 1.483% on Thursday. 

Biden announced an agreement on the US infrastructure plan

The US president Joe Biden proposed the infrastructure plan on Thursday. However, there is no guarantee that it will receive the approval of congress. 

The plan includes new investments in infrastructure worth 579,000 million dollars. 312,000 million dollars would go to the transport sector for roads, bridges, railways, electric buses, ports, and airport projects.

The package involves investments worth 1.2 trillion dollars over eight years. It is lower than Biden’s proposed 2.3 trillion dollars in March. The white house had to reduce the figure due to criticism from the Republicans. 

The weekly number of applications for unemployment benefits in the US decreased to 411.000 last week. It is an improvement compared to previous figures; however, it is still below expectations. 

Investors are awaiting the results of the stress tests of the country’s central banks, to which they will react today.

The most significant gains were posted by Boeing climbing by 2.87% among the thirty Dow Jones stocks. Caterpillar followed it with a 2.60% increase. Meanwhile, Goldman Sachs added 2.13%, and Walt Disney gained 1.48%.

Only Apple and Dow registered declines by 0.22% and 0.06%, respectively.