Various industries are getting a lift from President Joe Biden’s massive infrastructural renewal initiative. The S&P 500 jumped 1.2% while the tech-heavy Nasdaq added 1.8%.
Tokyo's Nikkei 225 index gained 1.6% to 29,854.00 and the Kospi in South Korea added 0.8% to 3,112.80. The Shanghai Composite index picked up 0.5% to 3,484.39. On Thursday, a tech company rally pushed the S&P 500 up 1.2% to 4,019.87, its first close above the 4,000 mark. The Dow Jones Industrial Average gained 0.5% to 33,153.21. The technology-heavy Nasdaq climbed 1.8% to 13,480.11.
Technology stocks benefited from another drop in bond yields, which have been the driving force for the market for several weeks. The yield on the 10-year U.S. Treasury note fell to 1.67% from 1.73% the day before. Higher bond yields make stocks seem more expensive by comparison, and tech stocks are among the most expensive after their significant rise last year.
Consumer sentiment has been improving along with construction spending and the accelerating rollout of vaccines. Investors are shifting money into companies and sectors that will benefit from people getting back to some semblance of a pre-pandemic normal.