SHANGHAI, Apr 2 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell on Thursday, consolidating recent gains that pushed it to nearly three-year highs during the first quarter, but the outlook remained upbeat in the wake of improving economic prospects backed by the Biden government’s more than $2 trillion stimulus plan.

U.S. President Joe Biden announced on Wednesday his long- awaited $2 trillion-plus job plan, including $621 billion to rebuild infrastructure.

Meanwhile, U.S. data showed strong growth prospects.

A report on the U.S. manufacturing sector showed a stronger-than-expected reading of 64.7 in March, the highest in more than 37 years. That was offset, though, by slowing construction spending, which fell 0.8% in February, and an increase in U.S. jobless claims in the latest week.

The S&P 500 crossed the 4,000 threshold for the first time Thursday as Wall Street built on a solid March following the rollout of President Joe Biden’s infrastructure plan.

The broad equity benchmark rose 1.2% to a fresh record close of 4,019.87. The Dow Jones Industrial Average climbed 171.66 points, or 0.5%, to 33,153.21. The tech-heavy Nasdaq Composite jumped 1.8% to 13,480.11. Alphabet and Netflix jumped more than 3%, while Amazon and Microsoft gained over 2%.

US first-time claims for unemployment insurance for the week ended March 27 totaled 719,000, higher than the 675,000 expected by economists surveyed by Dow Jones.

A group consisting of some of the world’s most powerful oil producers on Thursday decided to gradually curb existing output cuts beginning next month.

Starting in May an additional 350,000 barrels per day will be added to production, with another 350,000 coming on the market in June. Come July output will be increased by 450,000 barrels per day.

The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.

Saudi Arabia said that it will begin curbing its voluntary output cuts in May.

Gold rose over 1% on Thursday buoyed by a retreat in the dollar and U.S. bond yields, while grim U.S. jobless data clouded the outlook for an economic recovery, adding to the metal’s safe-haven appeal.

Spot gold rose 1.2% to $1,727.86 per ounce. Most markets will be closed for Good Friday on April 2. U.S. gold futures settled up 0.7% at $1,728.30.