FUTURESCOIN IS GOING GLOBAL
U.S. stocks rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers.
The Dow closed 530.70 points higher, or 1.9%, at 28,303.46. It was the Dow’s biggest one-day gain since mid-July. The S&P 500 climbed 1.7% to 3,419.45 while the Nasdaq Composite advanced 1.9% to 11,364.60. Wednesday’s rally was broad based, with all 11 S&P 500 sectors finishing higher.
In a series of tweets Tuesday night, Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus. Trump also pushed for another round of $1,200 stimulus checks for Americans.
Investors are also looking ahead to Thursday’s initial jobless claims number, which will be released at 8:30 a.m. ET. Economists polled by Dow Jones are expecting first-time claims for unemployment insurance to total 825,000 for the week ending Oct. 3. This would mark a slowdown from the 837,000 first time claims for the previous week.
All of the major averages are higher for October, clawing back some of September’s losses, which was the first negative month since March.
Plan A : Short if market failed to support above 3412. Targets are 3388, 3364 and 3330.
Plan B : Long if market doesn't retrace much and supported firm above 3412. Targets are 3427, 3443 and 3460.
U.S. stock index futures were modestly higher in Thursday early morning trading after the Dow on Wednesday posted its best day in months as investors await updates on the ongoing fiscal stimulus discussions.
The major averages rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hopes that a smaller aid package could be passed by lawmakers.
The Dow Jones Industrial Average gained 530.7 points, or 1.9%, for its best day since July 14. The S&P 500 advanced 1.74%, while the tech-heavy Nasdaq Composite climbed 1.88%.
With Wednesday’s gains, stocks clawed back Tuesday’s losses and then some. Stocks fell late in the day on Tuesday after Trump said that he told his administration to end coronavirus stimulus talks with Democrats until after the election.
Still, a host of risks remain in the market, including rising Covid-19 cases around the world, as well as a slowdown in the rate of the economic recovery.
Plan A : Long if market doesn't retrace much and supported firm above 11513. Targets are 11540, 11571 and 11610.
Plan B : Short if market failed to support above 11513. Targets are 11470, 11435 and 11391.
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