Nasdaq jumps 1.5%, S&P flirts with record

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