Following the release of President Biden’s infrastructure spending plan, the equity markets extended recent gains and reached new all-time highs on Wednesday. A bill worth upwards of $2 trillion includes a tax increase that Wall Street expected to fund the plan within 15 years despite the idea of higher taxes. Despite the higher taxes, the news could turn into a news event that is easy to sell.
Other news includes solid economic data, which points toward a robust Nonfarm Payrolls report on Friday. ADP’s Employment report released on Wednesday shows that the number of new jobs increased by over 500,000 in March and was matched by a similar reading on Chicago PMI, which rose 7 points to surpass consensus estimates by 6 points and surge to its highest level since 2017.