US futures rose slightly on Monday night, following a rally that raised major averages to new highs.
Dow Jones Industrial Media traded 48 points higher or about 0.1%. The S&P 500 and Nasdaq 100 futures each gained 0.1%.
The Dow rose 204 points, or 0.7%, earlier in the day, while the S&P 500 and Nasdaq Composite were up 0.9% and 0.7%, respectively.
These gains came after President Donald Trump signed a $ 900 billion coronavirus aid package. The measure includes a direct payment of $ 600 to most Americans. The signing came days after Trump demanded a direct payment of $ 2,000. The House is set to vote to increase direct payments to $ 2,000, but the GOP-led Senate is unlikely to pass.
“The combination of vaccine launches, fiscal stimulus and a light monetary policy continues to create a positive background for the actions that will begin in 2021,” wrote Mark Haefele, investment director at UBS Global Wealth Management. “The agreement on a new package of US fiscal incentives removes a recent hurdle, and global central banks continue to support the recovery by maintaining (and expanding) monetary accommodation.”
Monday’s rally rose the S&P 500 by 15.6% for the year and the Dow by 6.5% during that period. Meanwhile, the Nasdaq Composite grew by more than 43% in 2020, as investors participated in major technology names such as Apple, Amazon and Facebook.
The number of coronavirus cases continues to rise in the United States, however, raising doubts about the economic recovery heading into the new year. In the last week, at least 184,000 new infections have been reported in the United States per day, according to a CNBC analysis of Johns Hopkins University data.
“The distribution of vaccines has now officially begun … yet the pandemic has reached levels in terms on several fronts,” wrote Jason Pride, CIO of Glenmede’s private wealth.
“The viral renaissance has induced blockade measures across the country, reducing economic reopening efforts. If the spread of the virus is not controlled by the end of the year, it will probably be a key initiative to do so in early 2021 before the vaccine becomes widespread. distributed, “Pride added.
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