U.S. stocks jumped to session highs, with the S&P 500 reaching a record, Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.

The S&P 500 rose nearly 0.6% to hit a record closing high of 4,266.49, retaking its previous record from June 14 and fully recouping the losses triggered by the Federal Reserve’s surprise policy pivot. 

The infrastructure deal will include $579 billion in new spending, the White House said. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%.

Data out Thursday showed jobless claims totaled 411,000 for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.

E-Mini Nasdaq

U.S. stock futures rose in early morning trading on Friday after the S&P 500 closed at a record.

The technology-heavy Nasdaq Composite rose to a fresh record of 14,369.71 as investors continued to pour into growth stocks. Cathie Wood’s flagship fund, ARK Innovation, rose 1.5% and went positive for the year.

Investors will be watching for a key inflation indicator on Friday morning when the Commerce Department releases the core personal consumption expenditures index. Economists polled by Dow Jones are expecting prices rose 3.4% in May from a year earlier. Economists also estimate prices increased by 0.6% from April to May.

The index captures price movements across a variety of goods and services. It is also generally considered a wider-ranging measure for inflation as it captures changes in consumer behavior and has a broader scope than the Labor Department’s consumer price index. 

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Plan A : Remain buy as long as oil price trades resiliently above 72.8. Targets are 73.3 and 74.3.

Plan B : Consider short only if oil price fails to stay firm above 72.8. Targets are 71.9 and 71.1.