U.S. stocks rise across the board as infrastructure bill is reached

On Thursday (June 24th), U.S. President Joe Biden announced that the White House and a bipartisan group of senators had reached an agreement on major infrastructure bill to improve America's roads, bridges, and broadband. The plan involves physical infrastructure, including upgrades to the grid, mass transit such as Amtrak, expansion of electric vehicle charging stations, high-speed internet in rural areas, and replacement of leaded water pipes, totaling $579 billion. $312 billion will use for ground transportation, including road and bridge construction.

The U.S. stock market hit another record high, with the S&P 500 rising nearly 0.6% to close at an all-time high of 4,266.49, fully recovering the losses caused by the Federal Reserve’s “surprising” monetary policy move. The Dow Jones Industrial Average rose 322.58 points to close at 34,196.82 points, or about 1%, and was still about 2.6% lower than its all-time high; the Nasdaq Composite rose 0.7% to 14,369.71 points, continuing to hit a new record high.

The $600 billion infrastructure bill boosted market confidence in the economic outlook. But Republicans have consistently opposed the president's proposal to raise the corporate tax from 21% to 28%.