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US markets trending upward on last trading day of the week
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U.S. equity futures were trending higher ahead of the Friday's opening bell as stocks have risen this week and market volatility has collapsed, reflecting investors' easing concerns about higher inflation and tighter monetary policy.
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A recovery in the U.S. economy is a boon for this export-driven region. Although the vaccine rollout in Asia has lagged most parts of U.S. and Europe, the perk from an overseas recovery is likely to come long before herd immunity against the coronavirus pandemic.
On Wall Street, the S&P 500 marked another record high, beating the peak it set early last week. Stocks added to their gains in the afternoon after Biden announced the infrastructure deal, which is sure to benefit companies in the construction industry.
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Caterpillar rose 2.6% and Vulcan Materials gained 3.3% on the news.
The plan, costing $973 billion over five years, is the culmination of months of talks, and a larger spending plan from Biden is still possible later this year.
Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said the proposed agreement is favorable for industrials, financials and energy stocks, although "the general re-opening of the economy and renewed, post-COVID-19 economic growth is the most likely driver" of the market going forward.
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