MacKenzie Sigalos from CNBC.com brings you the day’s big business news. On today’s show, Stefanie Miller, executive director of FiscalNote Markets, breaks open the corporate tax increases included in President Biden’s new $ 2 trillion infrastructure plan. Jennifer Elias also explains why Google is accelerating its return to work plans.
The S&P 500 climbs more than 1% and closes above 4,000 for the first time
The S&P 500 first crossed 4,000 on Thursday as Wall Street built on a solid March following President Joe Biden’s infrastructure plan in place.
The broad equity benchmark rose 1.2% to a new record close of 4,019.87. The Dow Jones Industrial Average rose 171.66 points, or 0.5%, to 33,153.21. The tech-heavy Nasdaq Composite rose 1.8% to 13,480.11. Alphabet and Netflix gained more than 3%, while Amazon and Microsoft gained over 2%.
Microsoft stocks reported that the software giant will ship more than 120,000 devices based on its HoloLens augmented reality headset to the US Army. The contract is valued at $ 21.9 billion over a 10-year period.
President Biden reveals his $ 2 trillion infrastructure plan – here are the details
President Joe Biden unveiled more than $ 2 trillion in infrastructure on Wednesday as his administration shifts its focus to strengthening the post-pandemic economy.
The plan, which Biden outlined on Wednesday, calls for around $ 2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. At a union hall in Pittsburgh, the president called it a vision of creating “the strongest, resilient, and innovative economy in the world” – and millions of “well-paying jobs” along the way.
The White House said the tax hike, combined with measures to prevent profit-shifting, would fund the infrastructure plan within 15 years.
Google is accelerating the partial reopening of offices and limiting the future of remote work
Google, one of the first major U.S. companies to send employees home due to the coronavirus last year, is setting new guidelines for remote working to expedite plans to get employees back into the office.
With millions more Americans being vaccinated every day, Google is accelerating reopening plans in some parts of the US on a voluntary basis ahead of the September 1 return date, according to internal documents viewed by CNBC. Due to vaccine availability and a downward trend in Covid-19 cases, offices will reopen in April in limited capacity.
“It’s now been a year since many of us have worked from home and the thought of going back to the office could provoke different emotions,” Fiona Cicconi, Google’s new HR director, wrote on Wednesday in a company-wide e- Mail. Cicconi advised employees to get the Covid-19 vaccine but said it was not mandatory.