B. Riley Wealth Management, global strategist Mark Grant, provides insight into the market recovery and gives investment advice.
U.S. stock futures traded higher, continuing a recovery that saw the Dow close above 32,000 for the first time.
The main future indices suggest a gain of more than 1.8% on the Nasdaq and 0.3% on the Dow.
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Stocks rose on Wednesday after a major measure of inflation in the US was below expectations, easing concerns that price pressures could raise interest rates.
The US House of Representatives approved President Biden’s $ 1.9 trillion COVID-19 relief bill, helping to send the Dow 1.5% higher to a record close of 32,297.02.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 32297.02 | +464.28 | + 1.46% |
| SP500 | S&P 500 | 3898.81 | +23.37 | + 0.60% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13068.831852 | -4.99 | -0.04% |
The S&P 500 rose 23.37 points to 3,898.81. The Nasdaq fell less than 0.1% to 13,068.83.
The Department of Labor reported that US consumer prices, a key measure of consumer-level inflation, rose 0.4% in February, the biggest gain in six months, led by a jump in gasoline prices. But the core of inflation, excluding food and energy, recorded a much smaller gain of 0.1%, easing fears that inflation could rise as the economy recovers from the pandemic.
CONSUMER PRICES INCREASED IN FEBRUARY As Biden’s spending plan generated fears of inflation
Treasury yields fell sharply after the report, including the 10-year Treasury note, which influences interest rates on mortgages and other consumer loans. The yield on the 10-year Treasury bill was stable at 1.52%.
On Thursday morning, the Department of Labor will publish its count of new unemployment insurance claims last week. Expectations are 725,000, down 20,000 from last week’s reading and the lowest since late November.
In Europe, London’s FTSE increased 0.1%, Germany’s DAX fell 0.1% and France’s CAC gained 0.2%.
In Asia, Tokyo’s Nikkei 225 index rose 0.6%, Hong Kong’s Hang Seng rose 1.7% and China’s Shanghai Composite index rose 2.4%.
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In other trades, the US benchmark crude gained $ 1.12 to $ 65.57 a barrel in e-commerce on the New York Mercantile Exchange. It rose 43 cents to $ 64.44 a barrel on Wednesday. Brent crude, the international standard, earned $ 1.10 to $ 69.00 a barrel.
The Associated Press contributed to this article.