US President Biden Unveils the $2.2 Trillion Infrastructure Plan
US President Biden Unveils the $2.2 Trillion Infrastructure Plan
After the $1.9 trillion Covid relief and stimulus package, US president Biden unveiled a more than $2 trillion infrastructure and economic recovery package on Wednesday. This "once-in-a-generation" plan aims to revitalize US transportation infrastructure, water systems, broadband and manufacturing, among other goals in the next 8 years. To fund the plan, the Biden administration would raise the corporate tax rate to 28%.
Motivated by the news, NASDAQ surged by 1.54% on Wednesday and S&P 500 reached an all-time high of 3994.41. Gold rose more than $30 to $1,715 per ounce after touching its lowest since March 8 at $1,678.
