Fundamental analysis
25 June, 2021
Intelligence Department
The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, 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. 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.