NEW YORK, June 25 — The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1 per cent after US President Joe Biden embraced a bipartisan Senate infrastructure deal.
“In the short term, I think there will be some ‘buy the rumor and sell the news’ in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,” said Sal Bruno, chief investment officer at IndexIQ in New York. Microsoft added 0.5 per cent and ended with a market capitalisation above US$2 trillion for its first time.
So far this month, the S&P 500 growth index has climbed almost 4 per cent, outperforming the value index’s 2 per cent drop. In response, Biogen Inc, which received a controversial approval for its Alzheimer’s drug aducanumab earlier this month, tumbled 6.1 per cent.
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