U.S. futures rise as traders mull virus, China vow
BNN Bloomberg
U.S. stocks rose on Monday amid thin trading and a mood of caution as traders evaluated spiking coronavirus cases. The dollar advanced while Treasury curve flattened.
U.S. stocks rose on Monday amid thin trading and a mood of caution as traders evaluated spiking coronavirus cases. The dollar advanced while Treasury curve flattened.
The S&P 500 advanced after reaching an all-time high before the Christmas break, with the tech-heavy Nasdaq 100 and the Dow Jones Industrial Average both gaining. The dollar ticked higher against most of its Group of 10 peers, while the yen lagged counterparts. The two-year yield rose while rates in the long end edged lower.
“We like this, we love to see the Santa Claus rally continue,” Victoria Greene, founding partner and chief investment officer at G Squared Private Wealth, said on Bloomberg TV. “And I think the ability of equity markets to climb the wall of worry should not be underestimated.”
JPMorgan Chase & Co. strategists said there’s no reason to fear that the rally that catapulted U.S. stocks to successive records this year will end anytime soon.
In Europe, the Stoxx 600 Index added to last week’s gains, while the U.K. market remained closed. Asian stocks slipped.
China’s central bank pledged greater economic support over the weekend, contrasting with steps by the Federal Reserve and other central banks to fight inflation by cutting stimulus. The outlook for monetary policy, COVID and company earnings are shaping views on whether global stocks can keep rising after nearly doubling from pandemic lows.
