US Indexes Hit Record With Biden's $1.2T Plan

Two major indexes in US stock market hit record high levels on Thursday with President Joe Biden administration's much-awaited $1.2 trillion spending on infrastructure framework.

S&P 500 gained 24 points, or 0.6%, to close at 4,266 after hitting an all-time high of 4,271 earlier. The Nasdaq rose 98, or 0.7%, to end the day 14,369 after the tech-heavy index hit a record high of 14,414 earlier.

Electric carmaker Tesla saw its shares soar 3.6%, while Twitter increased 2.7%.

The blue-chip Dow Jones jumped 322, or 0.95%, to 34,196 at final bell. Investment banking majors Goldman Sachs and Morgan Stanley gained 2.1% and 1.4%, respectively, while Walt Disney increased 1.5%.

Biden announced earlier he agreed to and is supporting a bipartisan infrastructure framework that was formed by a group of senators, which will see $1.2 trillion spent in eight years, including $579 billion in new spending for the first five years.

The plan will have investments in clean transportation, universal broadband, clean power, rebuilding roads and bridges, modernizing transit and rail networks while reducing greenhouse gas emissions.

Oil prices have continued to increase as reopening from the pandemic has accelerated around the world, which increased global demand.

Price of Brent crude was at $75.59 per barrel with a 0.5% gain after market close, while US' West Texas Intermediate was at $73.33 with a 0.3% gain. -