U.S. equity futures are trading higher, the day after the Dow Jones Industrial Average closed above 30,000 points for the first time.
The major futures indexes are suggesting a rise of 0.2% when the Thursday session begins on Wall Street.
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The index accomplished the mark despite an ongoing pandemic, as progress in development of coronavirus vaccines kept investors in a buying mood.
DOW 30,000 MAKES HISTORY, S&P HITS FRESH RECORD ON YELLEN, VACCINE OPTIMISM
The Dow rose more than 450 points, or 1.5%, to cross the milestone. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.6%, climbing to its own all-time high.
The technology-heavy Nasdaq composite picked up 156.15 points, or 1.3%, to 12,036.79.
|I:DJI||DOW JONES AVERAGES||30046.24||+454.97||+1.54%|
|I:COMP||NASDAQ COMPOSITE INDEX||12036.785414||+156.15||+1.31%|
There will be a ton of economic data released ahead of the Thanksgiving Day holiday.
Traders will get the second estimate of 3Q GDP. The Refinitiv forecast is for annualized growth of 33.2%, up slightly from the initial estimate of 33.1% growth, which was a record high.
At the same time, initial jobless claims will be released. They’re expected to decline to 730,000.
The Census Bureau is expected to say that new orders for manufactured big-ticket items rose 0.9% month-over-month in October. If you factor out the transportation component orders are anticipated to rise 0.5%. Orders for core capital goods, a closely-watched proxy for business spending, are also seen edging up 0.5% for the month.
The Commerce Department will report personal income and spending for October. Economists surveyed by Refinitiv anticipate spending to rise 0.4% month-over-month, down from 1.4% in September. Incomes, meantime, were likely flat after increasing 0.9% in September.
The Census Bureau is expected to say that sales of new single-family homes rose 1.5% to a seasonally adjusted annual rate of 970,000.
And the University of Michigan’s final index of consumer sentiment for November, is expected to remain unchanged from the preliminary reading of 77 two weeks ago.
In Asian markets, Japan’s benchmark Nikkei 225 edged up 0.5%, Hong Kong’s Hang Seng rose 0.3%, while the Shanghai Composite dipped 1.2%.
Traders continued to favor stocks that stand to gain the most from a gradual reopening of the economy, such as banks and industrial companies. Technology and communication stocks, which have been investor favorites through the pandemic, also helped lift the market.
AZAR SAYS US READY TO ROLL OUT CORONAVIRUS VACCINE THANKS TO OPERATION WARP SPEED, PRESIDENT TRUMP
Several candidates are in development for a vaccine. Drugmaker AstraZeneca has said its potential vaccine, being developed with Oxford University, was up to 90% effective. Unlike rival candidates, AstraZeneca’s doesn’t have to be stored at ultra-cold temperatures, making it easier to distribute. Pfizer and Moderna have also reported study results showing their vaccines were almost 95% effective.
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In energy trading, benchmark U.S. crude gained 50 cents to $45.40 a barrel. Brent crude, the international standard, rose 63 cents to $48.49 a barrel.
The Associated Press contributed to this article.