US stock futures rose slightly on Tuesday night after three of the major market benchmarks became banner days.
The Dow Jones Industrial Average futures traded 21 points (0.1%) higher. S & P 500 futures also rose 0.1% and Nasdaq 100 futures rose 0.2%.
The Dow surpassed 30,000 for the first time on Tuesday, rising more than 400 points. The rally on Tuesday raised the Dow by more than 13%, the highest monthly rate of increase since 1987.
Scott Nap, Chief Market Strategist at CUNA Mutual Group, said:
Small caps also closed at record highs, with Russell 2000 jumping nearly 2%. This increase boosted Russell by more than 20% in November. This will be the best monthly performance ever. Meanwhile, the S & P 500 hit a record high on Tuesday, rising 1.6%.
The record-breaking market recovery takes place in the face of positive vaccine news, rising political clarity and rising market sentiment.
Earlier this week, AstraZeneca said early analysis showed that the average efficacy of vaccine candidates was 70%. Meanwhile, the Trump administration has made available federal resources for the inauguration of President Joe Biden. Traders also supported the prospect that former Federal Reserve Janet Yellen could be appointed Secretary of the Treasury.
These moves also happened as traders continued to build up beaten value stocks. The iShares Russell 1000 Value ETF (IWD) rose 2.1% on Tuesday and more than 15% this month. Its growth partner, the iShares Russell 1000 Growth ETF (IWF), rose 1.1% on the day and 8.7% in November.
Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance, said the recent rise in value is “notable.”
According to data from Johns Hopkins University, the total number of confirmed cases of coronavirus in the United States currently exceeds 12.4 million.
Still, “We remain constructive [on the market overall] Given the typical seasonal impacts of the end of the year, from now to the end of the year, “Zaccarelli added.
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US Equity Futures Rise Slightly After a Record Day on Wall Street
Source link US Equity Futures Rise Slightly After a Record Day on Wall Street