The S&P 500 is above 4,000 for the primary time as of April, tech shares resulting in beneficial properties

The S&P 500 first crossed 4,000 Thursday as Wall Street built on a solid March following President Joe Biden’s infrastructure plan in motion.

The broad equity benchmark rose 0.7% to a new intraday record high of 4,006.34. The Dow Jones Industrial Average rose 95 points. The Nasdaq Composite was up 1.5%. Alphabet and Facebook each gained more than 2%, while Amazon and Netflix all gained over 1%.

Microsoft shares rose 1.2% on news that the software giant will ship more than 120,000 devices to the US Army based on its HoloLens augmented reality headset. The contract is valued at $ 21.9 billion over a 10-year period.

The inventory move came after Biden presented his multi-billion dollar infrastructure proposal. The plan includes spending on roads, bridges, green energy and upgrading the water system. This is the second big spurt of spending from Biden’s presidency after signing a $ 1.9 trillion law on relief and incentives on March 11.

“The reopening of the US economy continues to support equity markets as the light approaches at the end of the coronavirus tunnel,” said Craig Johnson, technical markets strategist at Piper Sandler. “The fiscal and monetary policy support was unprecedented at this point and well wired.”

The plan, which Biden outlined on Wednesday, sees spending around $ 2 trillion over eight years and would raise the corporate tax rate to 28% to fund it.

However, some on Wall Street feared that higher taxes could pose a threat to the rebound in corporate earnings and stock prices.

Bank of America equity strategist Savita Subramanian said the market may still have to digest the tax hikes included in the plan, creating potential headwinds for stocks.

“I think the market is factoring in the good news about infrastructure … I don’t think the market has necessarily priced in the negatives. This is how we’re going to pay for it,” Subramanian told CNBC’s Fast Money. “”

In terms of data, the US manufacturing activity index rose from 60.8 in February to 64.7 last month, according to the Institute for Supply Management. That was the highest level since December 1983.

Meanwhile, investors digested weekly unemployment claims worse than expected. Initial unemployment insurance claims for the week ended March 27 were 719,000, more than 675,000 expected by economists polled by Dow Jones.

The main job report for March will be released on Friday, although the stock exchange is closed for Good Friday. Economists estimate that 630,000 jobs were created in March and the unemployment rate fell from 6.2% to 6%, according to the Dow Jones.

According to a report in the Wall Street Journal, Micron Technology and Western Digital are set to examine a deal to buy Japanese semiconductor company Kioxia for about $ 30 billion. Micron stocks rose more than 5% on the news, while Western Digital rose 4.8%.

Wall Street just closed March with solid profits. The Dow and S&P 500 rose 6.6% and 4.3% respectively last month, marking their best month since November. The Nasdaq was up 0.4% in March as technology stocks came under pressure from rising interest rates.