Crude Oil Ends up After U.S. Infrastructure Deal; Eyes Next on OPEC. S&P 500, Nasdaq Boast Record Close as Biden Unveils Infrastructure Deal
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President Biden administration announced contentious infrastructure deal.
OPEC+ considering increasing supply, as the global economy recovers from the ravages caused by the Covid-19 pandemic.
S&P 500, Nasdaq Boast Record Close as Biden Unveils Infrastructure Deal
The S&P 500 and Nasdaq closed at record highs riding a wave of economic optimism as President Joe Biden announced a nearly $600 billion infrastructure pact, the fate of which depends on the success of a much larger package that has drawn strong opposition from Republicans.
The S&P 500 rose 0.6% to record intraday high of 4,266.50 and the Dow Jones Industrial Average jumped 1%, or 322 points, while the Nasdaq climbed 0.7% having hit an all-time high of 14,369.71 intraday.
The deal didn’t include the more ambitious initiatives including spending to expand child care and education and was much lower than the $2.3 trillion packages touted by Biden earlier this year. The infrastructure bill will only be passed alongside a much larger package — expected to be funded by tax hikes — that would focus spending on “human infrastructure,” according to Biden.
The upgrade to critical infrastructure is widely expected to boost productivity and ultimately economic growth.
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