Futures tied to key U.S. stock benchmarks were flat in trading overnight Thursday as Wall Street tries to build on its record-breaking rally.
The futures of the Dow Jones Industrial Average received just 30 points. The S&P 500 futures and the Nasdaq 100 futures were not much changed.
The S&P 500 reached a new high all-time high on Thursday for the fifth day in a row, reaching 3,500 short for the first time ever. The Dow scored 160 points for its fifth positive day in six. The Nasdaq underperformed with a loss of 0.3%, led by losses in Apple and Amazon.
The 30-share average reversed its 2020 loss in Thursday’s session and is now down just 0.1% for the year.
Shares gained momentum amid volatile trading on Thursday after the Federal Reserve unveiled a major policy shift that allowed inflation and employment to rise higher to support the economy.
The move indicates that interest rates are likely to remain close to zero for a long period of time. The central bank previously raised rates in advance to achieve higher inflation rates.
“The announcement of a move toward an asymmetric approach to unemployment is very important and a welcome development,” said Greg Daco, chief economist at Oxford Economics, in a note. “The Fed will not be in a hurry to raise rates. If and when unemployment falls, the Fed will strive to ensure that the benefits of looser policies are as inclusive as possible.”
So far this week, the S&P 500 is up 2.5%, on pace for its best week since July 2 and its fifth straight week of profit for this year for the first time. The Dow and the Nasdaq have so far also received more than 2% every week.
Investors will check new economic data on Friday, including consumer spending, personal consumption spending and consumer sentiment.
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