The S&P 500 gained slightly to hit a record high on Wednesday as minutes from the Federal Reserve’s last meeting showed the central bank’s commitment to accommodative policy in order to support a full economic recovery.

The broad equity benchmark rose 0.1% to 4,079.95, a new closing high. 

Fed officials indicated at their last meeting that the pace of asset purchases will stay the same for some time while the central bank pursues its economic goals.

The policymakers expected the economy to rebound substantially in 2021 amid the historic economic reopening, and they believe stronger-than-average growth in the following years will continue to facilitate the labor-market recovery.

On Thursday, investors will pore over the Labor Department’s latest update on the number of Americans filing for unemployment benefits for the first time. Economists polled by Dow Jones expect first-time claims to total 694,000 during the week ended April 3.
 

Plan A : Long if market supported firm above 4077. Targets are 4092, 4106 and 4122.

Plan B : Short if market failed to support above 4077. Targets are 4052, 4029 and 4001.
 

Futures contracts tied to the major U.S. stock indexes ticked higher at the start of the overnight session Wednesday evening, suggesting that Wall Street could extend gains that have propelled the S&P 500 to record levels this week.

The tech-heavy Nasdaq Composite dipped 0.1% to 13,688.84 even as Big Tech stocks registered solid gains. Amazon, Apple and Alphabet all climbed more than 1%, while Facebook jumped 2.2%.

President Joe Biden spoke on Wednesday from Washington about his administration’s $2 trillion infrastructure plan that includes a corporate tax rate hike to 28% and noted that he is willing to negotiate on the proposed tax increase.

The proposed increase to the corporate tax is thought to be a key source of tax revenue for the White House infrastructure plan and is a non-starter for Republicans, who say they are concerned about tax increases as the U.S. economy emerges from the Covid-19 pandemic.

Separately, the Treasury Department said that Biden’s tax proposals would generate about $2.5 trillion over 15 years in an effort to pay for eight years of spending on roads, bridges, transit, broadband and other projects.
 

Plan A : Long if market market retraced but supported firm above 13640. Targets are 13671, 13701 and 13733.

Plan B : Short if market failed to support above 13640. Targets are 13601, 13562 and 13518.
 

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