U.S. equity markets ended mixed Wednesday as details of President Biden’s $2 trillion infrastructure package were released on the final day of the first quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 32981.55 | -85.41 | -0.26% |
| SP500 | S&P 500 | 3972.89 | +14.34 | +0.36% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13246.870661 | +201.48 | +1.54% |
|
|
||||
The Dow Jones Industrial Average slipped 85 points, or 0.25%, while the S&P 500 and the Nasdaq Composite climbed 0.37% and 1.54%, respectively.
The Biden administration says its so-called American Jobs Plan will be a “once-in-a-century capital investment” in U.S. infrastructure that will create millions of good-paying jobs that positions America to “out-compete” China.
Bank of America notes the biggest beneficiaries will likely be industrial and material stocks. Tesla also rallied as electric-vehicle makers are expected to benefit.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XLI | INDUSTRIAL SELECT SECTOR SPDR ETF | 98.45 | -0.32 | -0.32% |
| XLB | MATERIALS SELECT SECTOR SPDR ETF | 78.81 | -0.37 | -0.47% |
| TSLA | TESLA, INC. | 667.93 | +32.31 | +5.08% |
|
|
||||
The $2 trillion plan will be entirely funded by Biden’s proposed Made in America Tax plan that would hike the corporate tax rate to 28%, up from 21%, and increase the minimum tax on multinational corporations to 21%. The increase in the corporate tax rate would partially undo former President Donald Trump’s tax cut which lowered the top corporate rate from 35%, among the highest in the world.
Biden will officially unveil the plan at a speech in Pittsburgh later on Wednesday…Read more>>
Source:-foxbusiness