EDITOR'S NOTE

The White House’s bipartisan infrastructure deal announced Thursday lifted the broader market. The framework will include $579 billion in new spending on transportation, including roads, bridges and rails, as well as electric vehicle infrastructure and electric transit.

The Dow Jones Industrial Average jumped 322.58 points to reach 34,196.82. The S&P 500 reached a fresh record of 4,266.49 after gaining nearly 0.6%.

“Infrastructure spending strengthens an already very strong economic growth outlook. We will very likely get more than $2 trillion in additional spending this year, including this bipartisan agreement and a partisan ‘social infrastructure’ deal later this year, which bolster the outlook for corporate profits and should keep this bull market going strong well beyond 2021,” Jeff Buchbinder, equity strategist at LPL Financial, told clients.

The technology-heavy Nasdaq Composite rose to a fresh record of 14,369.71 on Thursday as investors continued to pour into growth stocks. Cathie Wood's flagship fund, ARK Innovation, rose 1.4% on Thursday, going positive for the year.

Following last week’s Federal Reserve induced sell-off, stocks are heading into Friday with the likelihood of ending the week higher. The Dow is up 2.7% this week and the S&P 500 has risen 2.4% since Monday. The Nasdaq is up 2.4% this week.

Investors will be watching a key inflation indicator on Friday morning when the Commerce Department releases the core personal consumption expenditures price index. Economists polled by Dow Jones expect that prices rose 3.4% in May from a year earlier. Economists also estimate prices climbed 0.7% from April to May.

The index captures price movements across a variety of goods and services and is generally considered a wider-ranging measure of inflation as it shows changes in consumer behavior and has a broader scope than the Labor Department's consumer price index.

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