- Title: Nasdaq and S&P 500 end at record highs; Dow rallies
- Date: 24th June 2021
- Summary: MALVERN, PENNSYLVANIA, UNITED STATES (JUNE 24, 2021) (REUTERS VIA SKYPE) (SOUNDBITE) (English) PRESIDENT AT PACER ETFS DISTRIBUTORS, SEAN O'HARA, SAYING: "We don't have an unemployment problem here in the United States. We have more jobs that could be filled than probably people. So we have an issue here where we've got to try to find a way to sort of move people back into the workforce. And so, until some of those subsidies go away permanently, I think you're going to see kind of spotty jobs numbers because I think some folks are just going to wait it out."
- Embargoed: 8th July 2021 21:11
- Keywords: Labor Department Nasdaq President Joe Biden Tesla Wall Street infrastructure jobless claims data stocks technology
- Location: NEW YORK, NEW YORK, AND MALVERN, PENNSYLVANIA, UNITED STATES
- City: NEW YORK, NEW YORK, AND MALVERN, PENNSYLVANIA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EIRDYRR
- Aspect Ratio: 16:9
- Story Text: The Nasdaq and the S&P 500 indexes closed at record highs on Thursday (June 24), with the Dow also jumping after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.
With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.
Construction and mining equipment maker Caterpillar and aerospace firm Boeing jumped, helping lift the Dow Jones Industrial Average.
Fueling the S&P 500's gains more than any other stock, Tesla Inc rose after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.
Mega-caps PayPal and Facebook Inc gained, and were also among the biggest boosts to the S&P 500 and the Nasdaq.
Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.
The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.
So far this month, the S&P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.
The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&P 500 gained 0.58% to 4,266.49. The Nasdaq Composite climbed 0.69% to 14,369.71.
(Production: Fred Katayama, Hyeongmi Kim, Roselle Chen)
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None