[뉴욕증시] Cheers for Biden’s infrastructure stimulus… Exceeded the S&P500 4000 line

[뉴욕=뉴스핌] Correspondent Kim Min-jung = Major indices in the US New York stock market closed higher on the 1st (local time). US President Joe Biden’s $2 trillion infrastructure investment plan was announced, and investors bought stocks in anticipation of economic improvement.

On the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average closed at 31,3153.21, up 171.66 points (0.52%) from the previous day.

The Standard & Poor’s (S&P) 500 Index, which focuses on large caps, rose 46.98 points (1.18%) to 4019.98. On this day, the S&P 500 index exceeded the 4000 line for the first time in history.

The Nasdaq composite index, centered on technology stocks, rose by 233.23 points (1.76%) and ended at 10,348.

On a weekly basis, the S&P 500 rose 1.14% and the Dow rose 0.25%. The NASDAQ index was strong at 2.60%.

Investors cheered at the $2.5 trillion infrastructure investment plan unveiled by President Biden the day before. Semiconductor-related stocks showed an upward trend as they were expected to benefit from infrastructure investment.

As vaccinations against the novel coronavirus infection (Corona 19) are expanding, investors expected economic improvement rather than concerns about inflation right away.

Greg Bae-sook, CEO of AXS Investments, told Bloomberg News that “we see the peak of the S&P 500 as a positive sign in this period of high volatility.”

QMA’s portfolio manager Ed Campbell said, “We are concerned about inflation, and there was reflation before and this is a central theme in the current market.

Market participants are seeing the market positively, even though stocks have historically been strong in April.

“April has historically been a good month for the market, and we expect momentum to continue as the economy strengthens,” said Larry Adam, chief investment officer at Raymond James.

Technology stocks were generally strong, supporting the overall market atmosphere. Apple rose 0.70%, and Google’s parent company Alphabet surged 3.26%.

Microsoft (MS) continued to be strong for the second day, up 2.79% on the news that it had signed a goggle supply contract with the US military.

The share price of AMC Entertainment Holdings fell 8.23% on news of the issuance of 500 million new shares.

Economic indicators were mixed. The US Department of Labor said last week that the number of new unemployment benefits claims was 719,000, up from the previous week.

The March Manufacturing Purchasing Managers Index (PMI) released by the National Supply Managers Association (ISM) was 64.7, the highest since December 1983.

The Chicago Options Exchange (CBOE) Volatility Index (VIX), referred to as the’Wall Street Fear Index’, recorded 17.39, down 10.36% from the previous day.

The New York Stock Market will be closed tomorrow (2nd) on Good Friday holiday.

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