The Dow Jones Industrial Average closed above 37,000 for the first time on Wednesday, rallying more than 500 points amid optimism that President Joe Biden’s proposed infrastructure package could fuel a broader economic recovery.
The benchmark index jumped 506.53 points, or 1.4%, to 37,090.93, surpassing its previous record close of 36,565.44 set in February.
The broader market also gained, with the S&P 500 rising 52.55 points, or 1.3%, to 4,185.44 and the Nasdaq Composite adding 132.48 points, or 0.9%, to 13,496.97.
The rally was fueled by expectations that Biden’s $2.3 trillion infrastructure proposal, announced earlier Wednesday, could spark a broader economic recovery. The package includes investments in transportation, green energy and digital infrastructure. Biden is expected to meet with members of Congress to discuss the plan in the coming weeks.
