US stock futures rose slightly Monday evening after a rally that pushed key averages to new record highs.
Dow Jones Industrial Average futures traded 48 points higher, or about 0.1%. S&P 500 and Nasdaq 100 futures each gained 0.1%.
The Dow jumped 204 points or 0.7% earlier in the day, while the S&P 500 and Nasdaq Composite were up 0.9% and 0.7%, respectively.
That profit came after President Donald Trump signed a coronavirus package worth $ 900 billion. The measure involves direct payment of $ 600 to most Americans. The signing came days after Trump demanded an immediate payment of $ 2,000. The House plans to vote to increase direct payments to $ 2,000, but the GOP-led Senate is unlikely to pass the measure.
“The combination of the introduction of vaccines, fiscal stimulus and an easy monetary policy continues to create a positive backdrop for stocks going into 2021,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “The deal on a new US fiscal stimulus package removes a recent hurdle, and global central banks continue to support the recovery by maintaining (and expanding) monetary accommodation.”
Monday’s rally drove the S&P 500 up 15.6% for the full year and the Dow 6.5% for the period. The Nasdaq Composite, meanwhile, is up more than 43% in 2020, as investors flocked to big tech names like Apple, Amazon and Facebook.
However, the number of coronavirus cases continues to rise in the US, casting doubt on the economic recovery heading into the new year. According to a CNBC analysis of data from Johns Hopkins University, at least 184,000 new infections per day were reported in the US in the past week.
“Vaccine distribution has now officially begun… but the pandemic has reached a level on several fronts,” wrote Jason Pride, CIO of private equity at Glenmede.
The viral resurgence has led to lockdown measures across the country, hampering economic reopening. If viral spread is not brought under control by the end of the year, it will likely be a major initiative to do so in early 2021 before a vaccine is widely distributed, “Pride added.
Subscribe to CNBC PRO for exclusive insights and analysis, and live programming of working days from around the world.