S&P 500, NASDAQ Edge Higher On Biden’s US$2 Trillion Infra Plan

March 31, 2021 09:40 PM PDT | By Team Kalkine Media

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S&P 500, NASDAQ Edge Higher On Biden’s US$2 Trillion Infra Plan

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Summary

President Biden set to announce a US$2 trillion infrastructure package to spur growth.

Pfizer BioNTech vaccine shows 100% efficacy in children between 12 and 15 years.

Microsoft Corp. to supply headsets based on its HoloLens to the US Army.

Benchmark US indices S&P 500 and NASDAQ closed higher on Wednesday, March 31, ahead of the Biden administration’s announcement on a US$2 trillion infrastructure plan to boost recovery.

The S&P 500 rose 0.36 percent to 3972.89 while the NASDAQ Composite Index grew 1.54 percent to close at 13246.87. The Dow Jones Industrial Average was down 0.26 percent to 32981.55. The small-cap Russell 2000 also went up 1.13 percent to 2,220.52.

The White House said on Wednesday that President Biden would announce a US$2 trillion infrastructure package for eight years to boost the economy. The investment will focus on roads and bridges, and broadband accessibility. The President is also proposing to raise corporate tax rate to 28 percent and global minimum tax rate to 21 percent.

Meanwhile, Pfizer and BioNTech said that their COVID-19 vaccine BNT162b2 showed 100 percent efficacy and robust antibody responses among the participants aged between 12 years and 15 years in a phase 3 trial.

Microsoft Corp. reportedly secured a US$21.88 billion deal from the U.S. Army to supply augmented reality headsets, based on its HoloLens.

©Kalkine Group 2021.

Top Gainers

Top performers on S&P 500 included Enphase Energy Inc. (7.68%), PVH Corp. (5.57%), Applied Materials Inc. (5.40%) and Tesla Inc. (5.08%).

Discovery Inc. (82.83%), Wah Fu Education Group Ltd. (51.15%), MicroVision Inc. (50.69%) and Liberty Tripadvisor Holdings Inc. (41.76%) were the top performers on NASDAQ.

On Dow Jones, Walgreens Boots Alliance Inc. (3.62%), Apple Inc. (1.88%), Microsoft Corp. (1.69%) and Boeing Co. (1.08%) gained the most.

Top Losers

Top laggards on S&P 500 were Kroger Co. (5.49%), ViacomCBS Inc. (3.24%), Fleetcor Technologies Inc. (2.90%) and Marathon Oil Corp. (2.73%).

The9 Ltd. (24.64%), Delcath Systems Inc. (23.71%), VirTra Inc. (22.84%) and Creatd Inc. (17.15%) were among the top losers on NASDAQ.

On Dow Jones, Travelers Companies Inc. (2.36%), Goldman Sachs Group Inc. (1.51%), JPMorgan Chase & Co. (1.46%) and American Express Co. (1.13%) were the laggards.

Volume Movers

Top volume movers are Apple Inc. (32.33M), ViacomCBS Inc. (22.71M), Ford Motor Co. (16.49M), Microsoft Corp. (15.73M), General Electric Co. (15.19M), AT&T Inc. (13.41M) and Intel Corp. (12.53M).

Image Source: Refinitiv, S&P 500 Index Three Months price chart

Futures & Commodities

Gold futures grew 1.33 percent to US$1,708.50 per ounce. Silver increased 1.25 percent to US$24.438 per ounce while copper was up 0.12 percent to US$3.9832.

Brent oil futures fell 1.79 percent to US$63.02 while WTI crude dropped 1.77 percent to US$59.48 per barrel.

Bond Market

The 30-year Treasury bond yields rose 0.74 percent to 2.414 and the 10-year bond yields were up 1.04 percent to 1.744.

US Dollar Futures Index declined 0.11 percent US$93.215.

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