Stock Market Today: S&P 500 Sets New High as Biden Blesses Stimulus
The S&P 500, Dow and Russell 2000 all finished Thursday with new record closes after President Joe Biden signed his $1.9 trillion stimulus bill a day earlier than planned.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Stocks enjoyed a day of widespread gains in the wake of promising employment data and the finalization of a much-anticipated booster shot to the economy.
The Labor Department said Thursday that first unemployment filings for the week ended March 6 declined by 42,000 to 712,000 – the lowest total since early November. That also was below estimates for 725,000 applications for jobless benefits.
Stocks were further energized by President Joe Biden, who signed his $1.9 trillion plan into law on Thursday – a day ahead of schedule. That gets the ball rolling on a number of programs, most notably $1,400 stimulus checks to millions of Americans.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Dow Jones Industrial Average finished 0.6% higher to a record 32,485, and the S&P 500 gained 1.0% to 3,939 to surpass its February all-time highs. The small-cap Russell 2000 also enjoyed a record close, up 2.3% to 2,338. But out in front today was the Jekyll-and-Hyde Nasdaq Composite, up 2.5% to 13,398 thanks to the likes of Facebook (FB, +3.4%), Nvidia (NVDA, +4.2%) and Tesla (TSLA, +4.7%).
Other action in the stock market today:
- U.S. crude oil futures jumped 2.3% to settle at $65.92 per barrel.
- Gold futures finished marginally higher at $1,722.60 per ounce.
- Bitcoin prices continued their streak, gaining 2.1% to $57,506. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
What's Next?
Naturally, given the forward-looking nature of the stock market, Wall Street's pros are casting a wary eye to the future even as they celebrate today's advances.
For instance, Brad McMillan, chief investment officer for Commonwealth Financial Network, says "The passage of the new COVID stimulus bill means that short-term risks to the economy are largely eliminated," but adds that "as economic risks recede, however, fears of overheating and inflation are rising. This will only push rates higher, which will create a headwind for markets."
"Markets have generally reacted positively to the additional fiscal spending measures," adds Charlie Ripley, senior investment strategist for Allianz Investment Management, "but stimulus eventually wears off, and investors will have to be prepared to cross that bridge when it comes."
That doesn't mean the party's totally over; largely speaking, analysts continue to suggest value stocks and reflation-trade plays as opposed to growthier strategies.
But one area of growth that continues to see voracious investing appetite is initial public offerings (IPOs), which allow people to grab a bite of previously private companies.
Korean e-commerce play Coupang (CPNG) went public today and jumped 40.7% from its $35 IPO pricing; Roblox (RBLX, +6.3%), a gaming and game-creation platform popular with kids, added to its 54.4% first-day gains from its Wednesday direct listing (an alternative to IPOs that also brings private companies public).
So, what's coming public next? We've crossed Coupang, Roblox and a few other offerings off our running list of upcoming IPOs and replaced them with additional familiar tech and consumer brands expected to hit the markets over the next few months. Check them out!
Kyle Woodley was long NVDA and RBLX as of this writing.
-
How Much It Costs to Host a Super Bowl Party in 2026Hosting a Super Bowl party in 2026 could cost you. Here's a breakdown of food, drink and entertainment costs — plus ways to save.
-
3 Reasons to Use a 5-Year CD As You Approach RetirementA five-year CD can help you reach other milestones as you approach retirement.
-
Your Adult Kids Are Doing Fine. Is It Time To Spend Some of Their Inheritance?If your kids are successful, do they need an inheritance? Ask yourself these four questions before passing down another dollar.
-
Dow Leads in Mixed Session on Amgen Earnings: Stock Market TodayThe rest of Wall Street struggled as Advanced Micro Devices earnings caused a chip-stock sell-off.
-
Nasdaq Slides 1.4% on Big Tech Questions: Stock Market TodayPalantir Technologies proves at least one publicly traded company can spend a lot of money on AI and make a lot of money on AI.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
Nasdaq Drops 172 Points on MSFT AI Spend: Stock Market TodayMicrosoft, Meta Platforms and a mid-cap energy stock have a lot to say about the state of the AI revolution today.
-
S&P 500 Tops 7,000, Fed Pauses Rate Cuts: Stock Market TodayInvestors, traders and speculators will probably have to wait until after Jerome Powell steps down for the next Fed rate cut.
-
S&P 500 Hits New High Before Big Tech Earnings, Fed: Stock Market TodayThe tech-heavy Nasdaq also shone in Tuesday's session, while UnitedHealth dragged on the blue-chip Dow Jones Industrial Average.
-
Dow Rises 313 Points to Begin a Big Week: Stock Market TodayThe S&P 500 is within 50 points of crossing 7,000 for the first time, and Papa Dow is lurking just below its own new all-time high.
-
Nasdaq Leads Ahead of Big Tech Earnings: Stock Market TodayPresident Donald Trump is making markets move based on personal and political as well as financial and economic priorities.
