Stocks rose, pushing the S&P 500 to a record, as investors cheered encouraging data on the economy, a strong batch of corporate earnings and the prospect of as much as $1.8 trillion in new government spending.
The S&P 500 rose 28.29 points, or 0.7%, to 4211.47, eclipsing the record it set Monday. The Dow Jones Industrial Average rose 239.98 points, or 0.7%, to 34060.36, and the Nasdaq Composite added 31.52 points, or 0.2%, to 14082.55.
Thursday provided investors with fresh signs of the economy’s recovery. The U.S. economy grew at a 6.4% rate in the first quarter, approaching its pre-pandemic size, and weekly jobless claims fell to their lowest level since the pandemic began last year.
The economy is getting a boost from two main sources, said Nancy Vanden Houten, the chief economist at Oxford Economics. One is the receding pandemic—at least in the U.S.—and the reopening of the economy, and the other is the stimulus…