US stocks rose to record highs on Thursday, after President Joe Biden presented a new bipartisan bill. The $ 579 billion deal added optimism to the market amid the strong decline in dollar.
The S&P 500 posted a 0.7% gain, while financial stocks rallied ahead of the Federal Reserve's stress test results.
The bipartisan law is expected to pass through Congress, along with a separate bill that will spend trillions on what Biden called "human infrastructure" that the GOP opposes.
Earlier, Fed members Rafael Bostic and Patrick Harker called for more infrastructure investment, saying that it could boost US productivity and growth.
Other interesting data that was released on Thursday was the weekly report on jobless claims, which indicated another decrease. Another one was data on durable goods orders, which rose very sharply in May.
Going back to the US market, the fastest growing stocks have stopped moving in step with the cheapest ones. This change is evident from the correlation between S&P 500 net growth indices and net worth over the last 200 trading days, which fell to their lowest level since October 2000.
Other key event for this week is:
- data on US income and expenses (Friday).