Stocks set fresh record highs on Friday, with traders hoping that a bipartisan infrastructure deal would help further stoke economic activity. Bitcoin prices tumbled as selling pressure continued for the cryptocurrency.
The S&P 500 reached an all-time high and rose just over 2.74% since last Friday for its best weekly performance since February. The Nasdaq erased earlier gains to dip into the red and end just below a record level. The Dow added more than 200 points after component Nike (NKE) jumped after posting quarterly sales growth that rebounded across all major regions. Meanwhile, FedEx (FDX) shares sank after even estimates-topping fiscal fourth-quarter results failed to wow Wall Street. Bitcoin prices (BTC-USD) pared losses to trade back above $32,000 after setting a five-month low of about $28,800 earlier this week.
Stocks extended gains from Thursday following President Joe Biden’s announcement that he had reached an infrastructure agreement with a bipartisan group of senators. This helped catalyze a jump in cyclical shares including industrials and financials, with traders eying the additional federal spending on physical infrastructure and other initiatives.