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S&P 500, Nasdaq hit record highs following Biden infrastructure deal

The S&P 500 and Nasdaq Composite both hit record highs on Thursday. File Photo by John Angelillo/UPI
The S&P 500 and Nasdaq Composite both hit record highs on Thursday. File Photo by John Angelillo/UPI | License Photo

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%.

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Thursday's gains saw the S&P regain its losses after the Federal Reserve announced plans to introduce interest rate hikes by the end of 2023 in an unexpected change of policy last week.

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.

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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.

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