BUSINESS

Dow Jones, S&P Indices Hit Record Highs Thursday Morning on Stimulus Approval Cheer

NEW YORK (Sputnik) – The S&P500 benchmark for quality US stocks hit all-time peaks on Thursday morning, joining the broad market indicator Dow Jones Industrial Average in the record-high territory as equity investors cheered the passing of President Joe Biden’s $1.9 trillion COVID-19 relief bill.

The S&P500, which groups the top 500 US stocks, reached an unprecedented 3,921 points before consolidating to hover at around 3,955 by 11:36 a.m. (15:36 GMT), up 1.4 percent on the day.

The American flag flies at half staff at the U.S. Capitol Building on the fifth day of the impeachment trial of former U.S. President Donald Trump, on charges of inciting the deadly attack on the U.S. Capitol, in Washington, U.S., February 13, 2021.

The Dow hit record highs for a fourth day running, peaking at 32,653 before pulling back slightly to 32,634 and remaining up 1.0 percent on the day.

The technology-laden Nasdaq Composite index – which had tumbled on many days the past two weeks on concerns about overvaluation in stocks such as Facebook, Apple, Amazon, Netflix and Google – outperformed the S&P500 and Dow despite not hitting record highs. Nasdaq was up 2.5 percent at 13,392. It was only the second time in eight days that it had gained more than 2 percent.

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