US stock futures rose slightly on Monday night, after a recovery that raised key averages to new records.
Dow Jones Industrial Average futures traded 48 points above, or about 0.1%. The futures S&P 500 and Nasdaq 100 gained 0.1% each.
The Dow Jones jumped 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 sanctioned a $ 900 billion coronavirus relief package. The measure includes a direct payment of $ 600 for most Americans. The signing came days after Trump demanded a direct payment of $ 2,000. The House is expected to vote to increase direct payments to $ 2,000, but the Senate led by the Republican Party is unlikely to approve the measure.
“The combination of vaccine launches, fiscal stimulus and easy monetary policy continues to create a positive backdrop for actions in 2021,” wrote Mark Haefele, chief investment officer at UBS Global Wealth Management. “The agreement on a new US fiscal stimulus package removes a recent hurdle and global central banks continue to support the recovery by maintaining (and extending) monetary accommodation.”
Monday’s high put the S&P 500 up 15.6% in the year and the Dow up 6.5% during that period. Nasdaq Composite, meanwhile, grew by more than 43% in 2020, as investors flocked to big tech names like Apple, Amazon and Facebook.
The number of coronavirus cases continues to grow in the USA, however, casting doubt on the economic recovery that is approaching the new year. Last week, at least 184,000 new infections were reported in the U.S. each day, according to a CNBC analysis of Johns Hopkins University data.
“The distribution of the vaccine has now officially started … but the pandemic has reached worrying levels on several fronts,” wrote Jason Pride, private wealth CIO in Glenmede.
“The viral resurgence has induced blockade measures across the country, hampering efforts to reopen the economy. If viral spread is not controlled by the end of the year, it will probably be an important initiative to do so in early 2021, before a vaccine become widely distributed, “added Pride.
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