June 24 (UPI) -- The S&P 500 and Nasdaq Composite rose to record highs on Thursday as U.S. markets rose after President Joe Biden announced a bipartisan infrastructure deal.
The S&P gained 0.58% to hit a record 4,266.49 and the Nasdaq Composite rose 0.69% to 14,369.71. The Dow Jones Industrial Average also rose 322.58 points, or 0.95%.
Financial, energy and communication services were the S&P's best-performing sectors as Tesla stock rose 3.54% and Caterpillar gained 2.6%.
Bank stocks also rose ahead of the Fed's annual bank stress test results as Goldman Sachs stock rose 2.06% and 0.93%
Markets were largely driven by Biden announcing that the White House had reached a deal with bipartisan lawmakers on a $1.2 trillion infrastructure agreement that includes $579 billion in new spending.
Thursday's gains also came as the Labor Department announced 411,000 U.S. workers filed new jobless claims last week, a decline of about 7,000 filings from the week prior.
Tech stocks also outperformed expectations this week as Microsoft closed with a market capitalization of more than $2 trillion for the first time, joining Apple in reaching the mark.