U.S. stock futures were higher on Tuesday as the calendar hit a record high in November, including the Dow Jones industry average, which closed above 30,000 points for the first time as progress in the development of coronavirus vaccines kept buyers in the mood.
The future looks “incredibly bright and bullish,” said Stephen Innes, Axi’s report.
Hours before the opening bell, Dow Jones Industrials stood at 29,966 (+ 1.13%), up 336 points, while in early trading, the technically difficult Nasdaq rose 106.75 points (+ 0.87%) to 12,383.75. -re. The S&P also rose to 3662 points (+ 1.07%), up 38.75.
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U.S. Federal Reserve President Jerome Powell said in a statement in Washington on Monday that the economic outlook is “extremely uncertain” after the pace of improvement has slowed. According to him, a complete cure is unlikely until the public is confident that the disease is under control.
Powell was due to appear before the Senate Banking Committee on Tuesday with Secretary of the Finance Steven Mnuchin. The board oversees the $ 2 trillion aid package approved by Congress in March.
On Monday, the S&P 500 fell to 3621.63. The Dow Jones industrial average lost 0.9% to 29,638.64. The Nasdaq composite slipped 0.1% to 12,198.74.
The slide followed reports showing that the pandemic would dampen U.S. economic activity in the near future. But investors seem to go beyond that.
Investors are encouraged by the end of uncertainty about the outcome of the US presidential election. They are reassured that Washington is under shared control, reducing the chances of major changes in taxes or regulations.
DOW, S&P CHAPTER 500 FOR THE BEST NOVEMBER SINCE 1928
Markets were also satisfied with announcements from pharmaceutical companies about the progress made in vaccine development.
One developer, Moderna, said on Monday that it was ready to apply for emergency approval in the United States and the UK. Pfizer and German partner BioNTech are asking for vaccinations to begin in the United States in December. British regulators are also evaluating a shot by Pfizer and another AstraZeneca.
Meanwhile, Asian stocks rose on Tuesday after China’s manufacturing industry improved, with South Korea reporting stronger exports and the Australian central bank leaving the key lending rate at a record low.
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Markets in Shanghai, Tokyo, Hong Kong and Sydney made progress as investors awaited the appearance of US Federal Reserve Chairman Jerome Powell before lawmakers a day after the pace of recovery slowed.
The Wall Street benchmark S&P 500 index at the end of November was 10.8% higher than the highest monthly gain since April.
The Shanghai Composite Index rose 1.3% to 3,434.37 after a business magazine, Caixin’s Chinese manufacturing activity index, reached a decade-high in November. A separate survey by the government’s statistics office on Monday showed a three-year high.
Tokyo’s Nikkei 225 rose 1.2% to 26,750.43.
Hong Kong’s Hang Seng increased 0.9% to 26,590.04 after Chinese territory announced on Monday the closure of government offices and restrictions on restaurants and other businesses to prevent a new resurgence of coronavirus infections.
Seoul’s Kospi rose 1.8% to 2,637.55 after South Korea reported a 4% year-on-year increase in exports in November and rebounded from a decline in October. This was driven by a 16.4% increase in semiconductor sales.
Sydney’s S&P-ASX 200 rose 1.1% to 6,588.50 after the Australian central bank left the key lending rate unchanged at 0.1%. The bank says the economic recovery is ongoing, but is likely to be “uneven and protracted.”
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Indian Sensex opened 0.9% at 44,524.36. New Zealand declined while Southeast Asian markets rose.
In energy markets, the comparative U.S. crude oil lost 32 cents, $ 45.03 per barrel in e-commerce on the New York Mercantile Exchange. The contract fell 19 cents to $ 45.34 on Monday. Brent crude used for international oil prices sank 32 cents a barrel to $ 47.56 in London. It fell 59 cents from the previous session to $ 47.59.
The dollar rose to 104.38 yen from 104.34 yen on Monday. The euro rose to $ 1.1960 from $ 1.1946.