The SP 500 crossed the 4,000 threshold for the first time on Thursday as Wall Street built on a solid March following the rollout of President Joe Bidens infrastructure plan. The broad equity benchmark rose 0.8 to a fresh intraday record high of 4,010.46. The Dow Jones Industrial Average climbed 150 points. The Nasdaq Composite jumped 1.4. Alphabet and Microsoft gained more than 2 each, while Amazon, Facebook and Netflix all rose over 1.
Microsoft shares advanced on news that the software giant will deliver to the U.S. Army more than 120,000 devices based on its HoloLens augmented reality headset. The contract will be worth 21.9 billion over 10 years. Tech stocks led the gains as bond yields continued to retreat from recent highs. The 10year Treasury yield fell 7 basis points to around 1.68 Thursday. The benchmark rate hit a 14month high about 1.77 last week.
The move in stocks came after Biden introduced his multitrilliondollar infrastructure proposal. The plan includes spending on roads, bridges, green energy and water system upgrades. This marks the second major spending push of Bidens presidency after he signed a 1.9 trillion relief and stimulus bill on March 11. The plan Biden outlined Wednesday includes roughly 2 trillion in spending over eight years and would raise the corporate tax rate to 28 to fund it.
Meanwhile, investors digested a worsethanexpected reading on weekly jobless claims. Firsttime claims for unemployment insurance for the week ended March 27…