Stocks rose Friday morning to add to gains from a record-setting session, with traders hoping that a bipartisan infrastructure deal would help further stoke economic activity.
The S&P 500 set yet another record high, and the Nasdaq also hovered near all-time highs. Dow 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.
The Dow was on track to outperform for another session 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.
The deal would include about $600 billion in new federal spending on investments…