Stock futures rise slightly as Wall Street set to enter last week of 2020
Traders work on the trading floor of the New York Stock Exchange.
The stock futures rose slightly in night trading on the Sunday before the last trading week of 2020.
The futures on the Dow Jones Industrial Average rose 80 points. S&P 500 futures gained 0.4% and Nasdaq 100 futures traded 0.3% higher.
The surge in futures came after President Donald Trump signed a $ 900 billion bill on Covid-19 days after proposing to veto the legislation. Trump criticized the $ 600 direct bill payments to Americans, calling for $ 2,000 checks instead.
“I’m signing this bill to restore unemployment benefits, stop evictions, provide rental support, add money for PPP, get our airline employees back to work, add significantly more money to distribute vaccines, and much more,” Trump said in a statement on Sunday evening.
Wall Street has had a quiet week of holidays with major averages posting flat returns. The S&P 500 fell 0.2% last week as some investors took off year-end chips. The 30-share Dow gained 0.1% over the same period.
Profit taking could rise in the last week of the year, which has seen surprisingly high returns so far. The S&P 500 is up 14.6% year-to-date, while the Dow is up 5.8%. The Nasdaq is up 42.7% this year as investors preferred high-growth technology names amid the ongoing Covid-19 pandemic.
Dr. Anthony Fauci warned on Sunday that the country could see a surge in new Covid-19 infections after Christmas and New Years. Two vaccines from Pfizer and Moderna started the distribution process this month. To date, over a million people have been vaccinated in the United States.
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