Traders and financial professionals work in front of a closed bent on the floor of the New York Stock Exchange.
Johannes Eisel | AFP | Getty Images
U.S. Stock futures rose on Sunday night as traders were about to end the market’s best August performance since the 1980s.
The Dow Jones Industrial Average futures were up 106 points, or 0.4%. The S&P 500 and Nasdaq 100 futures rose 0.3% and 0.2%, respectively.
The S&P 500 is up 2.9% month to date today, which put the broader-market index on track for the biggest gain since 1984. The Dow has risen more than%% this month and is also ahead of its best August in 36 years.
This month’s gains have pushed the S&P 500 to record levels, officially confirming that a new bullish market has begun. The Dow, meanwhile, erased its 2020 loss on Friday, closing the session with a one-year-to-date gain of 0.4%.
A built-in gust rally has been held on the sharp rise of the market since March 23 intraday lows. Since then, the Dow and S&P 500 have risen 57% and 60.1%, respectively.
Ed Yardini, president and chief investment strategist at Yardini Research, said: “We hoped that March 23 would consolidate its earnings after March, giving earnings a chance to bounce back. “However, Fed officials continue to raise share prices by promising to keep interest rates close to zero for a very long time … as a result, they are raising melting share prices.”
Earlier this year, the Federal Reserve cut rates to zero and launched an open-end asset-buying program to support the economy through the coronavirus epidemic. Last week, the central bank formulated an inflation policy framework that would cut rates further.
New Dow look
The Dow will have a very small impact on the three-week start and on Apple’s 30-stock average.
Open Monday, Salesforce, Amgen and Honeywell will be included in the Dow, which will include longtime constituents Exxon Mobil, Pfizer and Raytheon Technologies. The 4-for-1 Apple Pull stock split will also take effect from Monday.
The latest U.S. Traders will wait until Friday when the Jobs report is set to be released. Economists polled by the Dow Jones forecast 1.255 million jobs created in August.
To subscribe CNBC Pro For exclusive insights and analysis and live business day programming around the world.
.
