The S&P 500 and the Dow hit all-time highs yesterday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong recovery. Mega-cap stocks Apple Inc., Microsoft Corp, Facebook Inc. and Tesla Inc. gained between 2.4% and 4%, recouping losses from a recent pullback and helping the benchmark S&P 500 surpass its Feb. 16 peak of 3,950.43. The blue-chip Dow scaled a new record for the fourth straight session, while the tech-heavy NASDAQ is now less than 5% below its Feb. 12 peak after slumping over 10% to confirm a correction at the beginning of this week. President Joe Biden signed his $1.9 trillion stimulus bill into law yesterday, commemorating the one-year anniversary of a U.S lockdown over the coronavirus pandemic with a measure designed to bring relief to Americans and boost the economy.
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