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B. Riley Wealth Management Chief Global Strategist Mark Grant provides insight into the market recovery and advises on investment.
US equity futures traded higher, continuing a rally that saw the Dow close above 32,000 for the first time.
The main forward indices suggest a gain of over 1.8% on the Nasdaq and 0.3% on the Dow.
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Shares rose on Wednesday after a key measure of inflation in the United States came lower than expected, allaying fears that price pressures would push interest rates higher.
The United States House of Representatives has approved President Biden’s $ 1.9 trillion COVID-19 relief bill, helping to push the Dow up 1.5% to a record close of 32,297, 02.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 32297.02 | +464.28 | + 1.46% |
| SP500 | S&P 500 | 3898.81 | +23.37 | + 0.60% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13068.831852 | -4.99 | -0.04% |
The S&P 500 rose 23.37 points to 3898.81. The Nasdaq slipped less than 0.1% to 13,068.83.
The Department of Labor reported that US consumer prices, a key measure of consumer inflation, rose 0.4% in February, the largest increase in six months, led by higher prices. gasoline. But core inflation, excluding food and energy, posted a much smaller gain of 0.1%, allaying fears that inflation could soar as the economy recovers from the pandemic.
CONSUMER PRICES INCREASED IN FEBRUARY AS BIDEN’S SPENDING PLAN PROMOTES INFLATION FEARS
Yields on T-bills fell broadly after the report, including the benchmark 10-year T-bill, which affects interest rates on mortgages and other consumer loans. The yield on the 10-year Treasury bill remained stable at 1.52%.
On Thursday morning, the labor department will post its tally of new unemployment benefit claims for the past week. Expectations are 725,000, down 20,000 from the previous week’s reading and the lowest since late November.
In Europe, London’s FTSE rose 0.1%, Germany’s DAX lost 0.1% and France’s CAC gained 0.2%.
In Asia, Tokyo’s Nikkei 225 index rose 0.6%, Hong Kong’s Hang Seng index 1.7% and China’s Shanghai Composite index jumped 2.4%.
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In other trades, US benchmark crude oil gained $ 1.12 to $ 65.57 per barrel on electronic trading on the New York Mercantile Exchange. It picked up 43 cents at $ 64.44 a barrel on Wednesday. Brent, the international standard, gained $ 1.10 to $ 69.00 a barrel.
The Associated Press contributed to this article.
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