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Market News S&P 500 rises lifted by tech shares, close out best month since November

S&P 500 rises lifted by tech shares, close out best month since November

Biden unveils a $2.3 trillion infrastructure plan; Amazon-backed deliveroo makes London market debut with 30% fall in price! Coursera closes up 36%, topping a $5.9 billion market cap in Wall Street debut.

LEO
2021-04-01
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U.S. stocks rose on Wednesday, closing out March and the first quarter on a high note as investors rotated back into high-growth tech while weighing President Joe Biden's big infrastructure spending plan.


The S&P 500 ended the session 0.4% higher at 3,972.89 after jumping 0.9% to hit a fresh intraday record high. The tech-heavy Nasdaq Composite popped 1.5% to 13,246.87 as Apple, Microsoft and Facebook all gained at least 1.6%. Tesla popped more than 5%. The Dow Jones Industrial Average slipped 85.41 points, or 0.3%, to 32,981.55.


The Dow and the S&P 500 climbed 6.6% and 4.3%, respectively, in March, posting their best month since November and their fourth positive month in five. For the quarter, the blue-chip Dow and the S&P 500 rose 7.8% and 5.8%, respectively, for their fourth positive quarter in a row.


The Nasdaq was the relative underperformer as technology stocks are especially sensitive to rising rates because they depend on borrowing money cheaply to invest in their future growth. For March, the tech-heavy benchmark gained 0.4%. For the quarter, it gained 2.8%.


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Photo: CNBC


President Joe Biden unveiled a roughly $2 trillion jobs proposal focused on infrastructure and the climate crisis in a speech in Pittsburgh on Wednesday, stressing his support of labor unions and his hope the investment would lift the middle class.


The President's next major legislative push, the American Jobs Plan, would heavily invest in rebuilding the nation's crumbling infrastructure and shift to greener energy over the next eight years. Biden plans to pay for his proposal by raising corporate taxes and eliminating tax breaks for fossil fuels, which was one of his core campaign promises. The White House says this tax hike would raise more than $2 trillion over the next 15 years.


"It's not a plan that tinkers around the edges," Biden said. "It's a once-in-a-generation investment in America, unlike anything we've seen or done since we built the Interstate Highway System and the Space Race decades ago."


"It's the largest American jobs investment since World War II. It'll create millions of jobs, good paying jobs, it'll grow the economy, make us more competitive around the world, promote our national security interests and put us in a position to win the global competition with China in the upcoming years," Biden said.


Electric vehicle would be big winners from the $2 trillion infrastructure plan. That's good news for all EV investors, and it's especially good for Tesla. Tesla stock is up rallied 5.08% to $667.93 Wednesday.


Shares of Apple are solidly higher Wednesday, thanks to broader market strength and a positive analyst action. UBS analyst David Vogt upgraded Apple shares from Neutral to Buy and increased the price target from $115 to $142.


"Investors' sell the news' of President Biden's infrastructure plan and lean away from infrastructure beneficiaries — Energy, Materials, Industrials — and into the Tech-laden sectors that have been 'beneficiaries' of the pandemic," said Chris Hussey, a managing director at Goldman Sachs. The bill "was largely in-line with expectations and is being met with indifference by stock markets that have perhaps pre-traded this spending for weeks already."


Classis cyclical sectors including energy, materials, financials and industrials all registered losses on Wednesday, while the S&P 500 tech sector outperformed with a 1.5% gain.


Some investors are concerned about the negative impact from higher corporate tax and a pickup in inflation amid massive fiscal stimulus.


"Economic stimulus is no longer 100% virtuous in the eyes of the market," Tom Essaye, founder of Sevens Report, said in a note. "That's because it will bring with it 1) Higher yields, 2) Rising inflation expectations and 3) Erosion of the idea that the Fed will be on hold for the entirety of 2021. Additionally, all this stimulus is being used to offset and usher in tax increases on individuals, corporations and investments."


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Shares of education tech company Coursera closed up 36% after its market debut Wednesday on the New York Stock Exchange. Shares closed at $45, giving the company a market cap of $5.9 billion.


On Tuesday, Coursera priced its 15.73 million shares at $33 apiece — the high end of its initial $30 to $33 target range. In its offering, the company raised nearly $520 million at an implied $4.3 billion valuation.


Coursera was last valued in the private market at $3.6 billion, according to PitchBook.


Founded in 2012 by former Stanford University computer science professors Daphne Koller and Andrew Ng, the Mountain View, California-based company offers individuals access to online courses and degrees from top universities, a business that has boomed throughout the Covid-19 pandemic.


During the pandemic, Coursera has also partnered with more than 330 government agencies across 70 countries and 30 U.S. states and cities as part of the Coursera Workforce Recovery Initiative, which helps governments offer unemployed workers free access to thousands of courses for business, technology and data science skills from companies including Amazon and Google.


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Shares of British food delivery start-up Deliveroo plunged in its stock market debut Wednesday, as the company faces pressure from top investors and trade unions over workers' rights.


Deliveroo, which is backed by Amazon, saw its shares sink around 30% in early deals compared to the issue price, before trimming some losses. Shares were down 26% by the market close.


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