Wed, 04 Aug 2021

NEW YORK, New York - U.S. stocks traded higher on Thursday after the Senate signed off on President Joe Biden's infrastructure deal. News of the signing of the $1.2 billion package boosted the Nasdaq and Standard and Poor's 500 to new record closing highs.

"President Biden believes that we must invest in our country and in our people, creating good-paying union jobs, tackling the climate crisis, and growing the economy sustainably, and equitably for decades to come. The Bipartisan Infrastructure Framework is a critical step in accomplishing these objectives," the White House said in a statement published on Thursday.

Also, the U.S. Commerce Department said on Thursday the U.S. economy grew at a rate of 6.4 percent in the first quarter of this year, well up on the 4.3 percent growth of the fourth quarter of last year.

At the close of trading Thursday, the Dow Jones industrials were ahead 322.58 points or 0.95 percent at 34,196.82.

The Standard and Poor's 500 jumped 24.65 points or 0.58 percent to 4,255.49, another new closing high.

The Nasdaq Composite rose 97.98 points or 0.69 percent to 14,369.71, the highest ever closing reading for the key index.

The U.S. dollar made little headway despite the positive news on the infrastructure package and the first-quarter GDP.

The euro was steady at 1.1931. The British pound drifted down to 1.3927. The Japanese yen was a tad stronger at 110.86. The Swiss franc was unchanged at 0.9183.

The Australian dollar edged up to 0.7582. The New Zealand dollar too was getting modest demand at 0.7065. The Canadian dollar however dipped to 1.2324.

On overseas equity markets, the FTSE 100 in London rose 0.51 percent. The German Dax advanced 0.86 percent. The Paris-based CAC 40 added 1.22 percent.

On Asian markets, the Nikkei 225 in Japan finished the day with a gain of one-third of a single point. The index closed at 28,875.33 with no percentage movement recorded.

China's Shanghai Composite added just 0.43 of a single point or 0.01 percent to 3,565.66

The Australian All Ordinaries fell 13.00 points or 0.17 percent to 7,539.10.

In Hong Kong, the Hang Seng gained 65.31 points or 0.23 percent to 28,882.46.

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