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S&P 500 hits record high following Biden's first joint address before Congress

The S&P 500 hit a record high on Thursday as markets rose following President Joe Biden's first address before Congress on Wednesday night in advance of his 100th day in office. File Pool photo by Melina Mara/UPI
The S&P 500 hit a record high on Thursday as markets rose following President Joe Biden's first address before Congress on Wednesday night in advance of his 100th day in office. File Pool photo by Melina Mara/UPI | License Photo

April 29 (UPI) -- The S&P 500 rose to a record high on Thursday amid an optimistic economic outlook following President Joe Biden's first address before Congress.

The S&P 500 gained 0.68% to close at a record 4,211.47, while the Nasdaq Composite gave up some early gains to close up 0.22% and the Dow Jones Industrial Average gained 240 points, or 0.71%.

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Thursday marked Biden's 100th day in office and he outlined his American Jobs Plan, which he said would encourage purchasing American goods and create jobs through developing climate conservation infrastructure as well as his American Families Plan which would offer four additional years of federally funded education.

On Monday, JPMorgan Chase analysts reported that Biden's market returns in his first 100 days were better than any other president in 75 years.

"If the stock market is any indication, Wall Street appears to approve of President Biden's attempts to corral the COVID-19 crisis and stimulate the economy," Sam Stovall, CFRA's chief investment strategist, told CNN.

Facebook stock jumped 7.3% after the company reported a 48% revenue increase while Apple stock closed flat, dropping 0.075%, despite reporting a 54% quarterly sales increase.

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Markets also responded to positive economic data on Thursday, as the Commerce Department reported that economic activity increased 6.4% between January and April.

Additionally, the Labor Department reported 553,000 unemployment claims for the week ending Saturday as jobless claims fell by 13,000 compared to the previous week -- the lowest level since the pandemic began in early 2020.

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