Stock futures rose slightly in overnight trading on Sunday ahead of the final trading week of 2020. Futures on the Dow Jones Industrial Average rose 149 points. SP 500 futures and Nasdaq 100 futures also traded in mildly positive territory. President Donald Trump signed a 900 billion Covid19 relief bill into law, averting a government shutdown and extending unemployment benefits to millions of Americans. The signing came days after Trump suggested he would veto the legislation, demanding 2,000 direct payments to Americans, instead of 600.
Wall Street is coming off a quiet holiday week where the major averages posted flat returns. The SP 500 fell 0.2 last week as some investors took the chips off into the yearend. The 30stock Dow eked out a 0.1 gain for the same period. Profittaking could ramp up in the final week of the year, which has so far seen surprisingly strong returns. The SP 500 has gained 14.6 year to date, while the Dow has climbed 5.8. The Nasdaq has soared 42.7 this year as investors favored highgrowth technology names during the ongoing Covid19 pandemic.
Dr. Anthony Fauci warned on Sunday that the country could see a surge in new Covid19 infections after Christmas and New Years celebrations. Two vaccines by Pfizer and Moderna have begun the distribution process this month. So far over one million people in the U.S. have been vaccinated.