Dow Futures Rise 284 Pts; Investing.com cheers for Yellen’s appointment

By Peter Nurse

Investing.com – US stocks are expected to open firmly on Tuesday, continuing the recent positive tone as investors applaud the greater clarity of the political transition in Washington, the appointment of Janet Yellen as Treasury secretary as well as the progress of Covid-19 vaccines through the development process.

At 7:05 am ET (12:05 GMT), the contract rose 284 points, or 1%, as it traded 25 points, or 0.7%, higher, and climbed 36 points, or 0.3%.

On Tuesday, we announced Monday that Chief General Service Administration Emily Murphy informed President-elect Joe Biden that federal resources would be available for his transition to power, three weeks after the actual election.

President Trump supported the decision and, although he did not go so far as to concede the election, the move removed much of the uncertainty over whether there would be an orderly transfer of power in the largest economy in the world.

Wall Street also applauded the news that Biden was going to appoint former Federal Reserve Chairman Janet Yellen as Treasury Secretary, seeing her as ready to supplement the current Fed policy of very low interest rates with spending. prolonged and expansionary governments to support the economy during the pandemic. .

At least 150,000 cases of Covid-19 are confirmed every day in the United States, and many states have put in new restrictions to try to slow this new surge of infections.

On Monday, the closed 327 points, or 1.1%, up, while the gain of 0.6% and the 0.2%. DJIA is on track to experience its best month since January 1987, as the idea of ​​Covid-19 vaccines in the near future has prompted investors to return to pro-growth cyclical stocks.

There are a few other retailers expected to release their results on Tuesday as the industry enters its critical holiday shopping season, including Best buy (NYSE :), Dick’s Sporting Goods (NYSE :), Dollar Tree (NASDAQ 🙂 and Tiffany & co (NYSE :).

On the economic data list, September data from the S & P / Case-Shiller Home Price Index is due later in the session, followed by November numbers from the survey.

Oil prices continued to post gains on Tuesday, reaching levels not seen since March. Traders will look into the release of crude oil supply data later today.

futures contracts rose 0.8% to $ 43.40 a barrel, while the international benchmark contract rose 0.6% to $ 46.31. Both oil benchmarks stabilized at around 2% on Monday after gaining around 5% last week.

Elsewhere, it fell 0.9% to $ 1,809.75 / oz, dropping to its lowest level in four months, as it traded 0.3% higher at 1.1869.