S&P 500 joins Nasdaq with record closing high

Wall Street records spread from the Nasdaq to the S&P 500 on Thursday as Washington finally makes progress on a long-sought infrastructure deal.

The Dow jumped 322 points. The S&P 500 shot up 24 points to its highest close ever. The Nasdaq rallied 97 points to its third straight closing peak.

President Joe Biden embraced a $1.2 trillion bipartisan infrastructure deal put together by a group of senators. There's money for roads, bridges, tunnels, as well as broadband internet service and upgrades to passenger and freight service.

The price tag was no where as big as Biden was looking for, which means the plan will provide less stimulus for the economy, as Sean O'Hara of Placer ETFs points out.

"It's not $3 trillion, it's a trillion dollars. That also may not necessarily be long term a negative because they don't have to come up with $3 trillion to pay for it, so maybe they'll be a little less muted on the tax side. But we've seen unemployment be a little bit persistent. And so I think when you put all those things together, maybe what that adds up to is it's not a great environment yet, which means the Fed still continues to stay fairly engaged, not looking to raise rates any time soon."

There was another miss on the jobless claims front. First-time applications for jobless benefits dropped less than expected last week but unemployment lines grew shorter in the Republican-led states that have reduced benefits.

In corporate news: For the first time in 15 years, Microsoft has given its Windows operating system a make-over. The tech giant took the wraps off Windows 11 as it looks to take direct aim at Apple's App Store business model. As part of the debut, there will be a new Windows Store that will let developers use their own in-app payment systems and pay no commission to Microsoft. Users will also be able to run Android mobile apps on laptops and PCs. This is all in contrast to the closed-system used by Apple. Shares of Microsoft closed with a $2 trillion market cap for the first time ever. Apple shares finished lower.

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