Dow futures soar greater than 100 factors as Wall Road hits within the closing week of 2020
Traders work on the trading floor of the New York Stock Exchange.
Stock futures rose slightly in the early morning on the Monday before the last week of trading in 2020.
The futures on the Dow Jones Industrial Average rose 123 points. S&P 500 futures and Nasdaq 100 futures were also trading in slightly positive territory.
President Donald Trump signed a $ 900 billion law on Covid-19 that prevented the government from closing and expanded unemployment benefits to millions of Americans. The signing came days after Trump proposed vetoing the legislation and calling for $ 2,000 in direct payments to Americans instead of $ 600.
“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 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 during 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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