S&P 500 Surges Past Record 4,000 on Growth Outlook: Markets Wrap
- Signs of economic recovery, U.S. stimulus boost risk appetite
- Oil jumps after OPEC+ agrees to increase output gradually
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U.S. stocks climbed to a record high on the first day of the second quarter as increased stimulus in the world’s largest economy fueled optimism about the global recovery.
The benchmark S&P 500 Index closed above 4,000 for the first time as investors weighed President Joe Biden’s newly unveiled $2.25 trillion spending plan ahead of Friday’s U.S. employment report, which is expected to show the quickest pace of hiring in five months. Technology shares led the gains, though value stocks also joined in on the rally. Treasuries rebounded after the worst quarter in decades. Oil climbed after the OPEC+ alliance agreed to increase production gradually over the next three months.