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Dow Futures 200 Pts Higher; Optimism of Future Economic Growth Grows

Stock MarketsFeb 16, 2021 07:21AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen pushing higher Tuesday, continuing recent gains amid growing confidence the country’s ramped-up vaccination program will lead to a prompt economic recovery.

At 7:25 AM ET (1225 GMT), the Dow Futures contract was up 200 points, or 0.6%, S&P 500 Futures traded 21 points, or 0.5%, higher, and Nasdaq 100 Futures climbed 68 points, or 0.65%. 

The U.S. stock market was closed on Monday for Presidents Day, but February is still on track to be the strongest month for the major Wall Street indices since November. 

Stock markets have benefited from the expectation of additional stimulus from the new administration, with a $1.9 trillion package working its way through Congress, as well as its focus upon delivering vaccinations to the American public as quickly as possible.

The U.S. inoculation campaign has gained considerable momentum since a sluggish start in December, with 52.9 million total vaccines administered so far, according to the U.S. Centers for Disease Control and Prevention on Sunday.

America has far exceeded the countries of continental Europe in terms of the percentage of the populations vaccinated, but optimism is growing even across the pond. 

Investor morale in Germany, Europe’s largest economy, rose sharply in February on expectations consumption will take off in the coming months, the ZEW economic research institute said earlier Tuesday.

The U.S. economic data slate is largely empty Tuesday, with just February’s NY Empire State Manufacturing index due, but Wednesday will see a large data dump, including January retail sales, PPI, industrial and manufacturing production numbers. 

The key release, however, is likely to be the minutes from the last meeting of the Federal Reserve, with investors keen for clues as to when the central bank will consider starting pulling back its accommodative policy stance.

In corporate news, the earnings season has been generally positive, but is coming to a close. That said, CVS Health (NYSE:CVS), AIG (NYSE:AIG) and Palantir (NYSE:PLTR) are among the names reporting Tuesday.

Oil prices pushed higher in the U.S. Tuesday, as the severe cold spell in large parts of America resulted in heavy demand for power as well as disrupting supplies in Texas, the biggest crude producing state.

The deep freeze halted Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators, resulting in blackouts throughout the state.

U.S. crude futures traded 0.5% higher at $59.75 a barrel, while the international benchmark Brent contract fell 0.3% to $63.09, both contracts having traded earlier not far removed from their highest levels since January last year.

Elsewhere, gold futures fell 0.4% to $1,816.70/oz, while EUR/USD traded 0.3% higher at 1.2167.

 

Dow Futures 200 Pts Higher; Optimism of Future Economic Growth Grows
 

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Comments (12)
Ricardo Diogo
Rcd72 Feb 16, 2021 9:40AM ET
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bull optimism ...and GDP loss 4 Q and now 1Q.. just trying to get regular people to the market to make them buy at 20%over the price
Mitchel Pioneer
Mitchel Pioneer Feb 16, 2021 9:39AM ET
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The criminal manipulation continues.
Kaveh Sun
Kaveh Sun Feb 16, 2021 9:26AM ET
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It is all stimu. Money is flooding the market now and will b more from 1.9t stimu.
Casador Del Oso
Casador Del Oso Feb 16, 2021 9:03AM ET
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Pump up before Spring surge. Vaccine resistant variants are now in the USA and could easily become the dominant strains.
Tre Hsi
Tre Hsi Feb 16, 2021 9:03AM ET
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which variants are resistant to the current Pfizer/Moderna vaccine?  and how do you know they are resistant to future vaccines???
Casador Del Oso
Casador Del Oso Feb 16, 2021 9:03AM ET
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ABC news last night. South African strain is vaccine resistant. Future vaccines haven't been invented yet.
Robert Mugabe
Robert Mugabe Feb 16, 2021 9:03AM ET
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Vaccine optimism, stimulus hopes and now we have a grows optimism lol
Elvis Durant
Elvis Durant Feb 16, 2021 8:54AM ET
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Anonymous Vendetta
Anonymous Vendetta Feb 16, 2021 8:50AM ET
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this currency are biggest fraud. just crash dont prolong yours
Abhijeet Ramachandrran
Abhijeet Ramachandrran Feb 16, 2021 8:31AM ET
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The biggest fraud in human history continues to unravel in global equity markets
George Roshtein
George Roshtein Feb 16, 2021 8:30AM ET
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bullard: not a bubble. everyone else: buy bitcoin and separate from criminal fed.
Kristof Naessens
Kristof Naessens Feb 16, 2021 8:20AM ET
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Really? Market cap to GDP is already 196%.
Katie Hollis
Katie Hollis Feb 16, 2021 8:19AM ET
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the only thing that grows is the fr/aud
justin namon
justin namon Feb 16, 2021 8:17AM ET
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Optimism = Hubris , but we still have some room to go up.
 
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