Nasdaq, S&P 500 hit record with relief plan progress

By Ovunc Kutlu

ANKARA (AA) - Two major US stock market indexes hit record highs Friday with news of movement on President Joe Biden's $1.9 trillion relief plan.

The tech-heavy Nasdaq hit its highest level at 13,878 points before closing at 13,856. The S&P 500 climbed to 3,894 before ending the last trading day of the week at 3,886.

The Dow Jones closed at 31,148, up 92 points.

The indexes posted their largest weekly increase since November as the Dow rose 3.9%, while the S&P 500 and the Nasdaq gained 4.7% and 6%, respectively.

The US Senate passed a budget resolution early Friday that would help adopt Biden's much-awaited stimulus plan easier in coming weeks.

"It's very clear our economy is still in trouble," Biden said earlier in prepared remarks at the White House where he was accompanied by Treasury Secretary Janet Yellen.

Biden cited a weak January nonfarm payroll report and stressed there are still more than 10 million people out of work.

He said his "American Rescue Plan" would provide $160 billion for coronavirus strategy, saying the priority of his plan is vaccines and reiterated his commitment for $1,400 in direct checks for individuals.

His stimulus package would also extend unemployment insurance to the end of September. It is scheduled to run out March 13.

"The biggest risk is not going too big, but if we go too small," he said about the size of his nearly $2 trillion plan.

"Are we going to pass a big enough package to vaccinate people, to get people back to work, to alleviate the suffering in this country this year? That's what I want to do," he said.