Investors on Wall Street seem to be well received by US President Joe Biden’s new investment plans. The leading indicators in New York were on profit in the first minutes of trading.
In addition, attention was paid to the job report of payslip processor ADP. That report anticipates the primary US government jobs report on Friday.
Biden’s infrastructure investment package is worth $ 2.250 billion and will be spread over eight years. The money goes to bridges, roads, railways, ports and airports, among other things. Biden wants to fund these and other plans by increasing corporate taxes from 21 to 28 percent over the next 15 years and increasing taxes on the foreign profits of American multinationals.
The figures from ADP show that the number of jobs in the US is increasing rapidly. The growth in March, when 517,000 jobs were added, was the strongest in months. The figures show that the US labour market is recovering from the corona pandemic, aided by the vaccinations against the virus and the US government’s support measures against the crisis.
Shortly after the opening bell, the leading Dow Jones index was 0.2 percent higher at 33.134 points. The broad S&P 500 rose 0.4 percent to 3,974 points, and tech gauge Nasdaq gained 0.9 percent to 13,158 points.
The Apple stock (plus 1.8) moved on an advice increase. In addition, analysts expressed the expectation that the demand for iPhones will be stable, especially in the long term. Tesla won 2.5 percent. The Tesla truck will only be produced sparsely this year. The maker of electric vehicles says it cannot make enough batteries to produce the Tesla Semi, as the truck is called, on a large scale.