March 11 Reuters The SP 500 and the Dow hit alltime highs on Thursday as worries about rising inflation subsided, while a biggerthanexpected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong recovery.
Megacap stocks Microsoft Corp, Apple Inc, Facebook Inc and Amazon.com Inc led the rally, recouping losses from a recent pullback and helping the benchmark SP 500 surpass its Feb. 16 peak of 3,950.43.
The bluechip Dow scaled a new record for the fourth straight session, while the techheavy Nasdaq is now less than 5 below its Feb. 12 peak after slumping over 10 to confirm a correction at the beginning of this week.
President Joe Biden signed his 1.9 trillion stimulus bill into law on Thursday, commemorating the oneyear anniversary of a U.S. lockdown over the coronavirus pandemic with a measure designed to bring relief to Americans and boost the economy.
The relief package, on top of the ongoing recovery fueled by the coronavirus vaccination rollout and fading fears of inflation, were driving the market, said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.
While tech led Thursdays advance, there was still a rotation into value stocks, which have outperformed highpriced growth stocks since November.
There is a recovery in the valuations of those companies more impacted by the epidemic and a giveback of the valuations of those companies that were more insulated and maybe even…