US equity futures rose slightly overnight Monday after the major push-back rally to new records.
Dow Jones Industrial Average futures were trading 48 points higher, or 0.1%. Both S&P 500 and Nasdaq 100 futures were up 0.1%.
The Dow Jones jumped 204 points, or 0.7%, earlier in the day, while the S&P 500 and Nasdaq composite indexes rose 0.9% and 0.7%, respectively.
The gains came after President Donald Trump signed a $ 900 billion coronavirus relief package into law. The procedure includes a direct payment of $ 600 for most Americans. The signature came days after Trump demanded a direct payment of $ 2,000. The House of Representatives is set to vote to increase the direct payments to $ 2,000But the measure is unlikely to be approved by the Senate led by the Republican Party.
“The combination of vaccine launch, fiscal stimulus, and easy monetary policy will continue to create a positive stock backdrop in 2021,” wrote Mark Hefel, chief investment officer at UBS Global Wealth Management. “Agreement on a new US fiscal stimulus package removes one last hurdle, and global central banks continue to support the recovery by maintaining (and expanding) monetary easing.”
Monday’s rally sent the S&P 500 up 15.6% for the year and the Dow up 6.5% during that time period. Meanwhile, the Nasdaq Composite Index rose more than 43% in 2020 as investors flocked to major tech names such as Apple, Amazon and Facebook.
However, the number of coronavirus cases continues to rise in the United States, casting doubts on the economic recovery as the new year approaches. Over the past week, at least 184,000 new infections were reported in the US daily, according to CNBC’s analysis of Johns Hopkins University data.
“Vaccine distribution has now officially begun … yet the pandemic has reached alarming levels on multiple fronts,” wrote Jason Braid, head of information for private wealth at Glenmede.
“The resurgence of the virus has resulted in lockdown measures across the country, which have halted efforts to re-open the economy. If the spread of the virus is not brought under control by the end of the year, it will likely be a major initiative to do so in early 2021 before The vaccine becomes widespread. Distributed. “
participation in CNBC Pro For exclusive insights and analysis, and live labor day programming from around the world.