US stock futures rose slightly on Tuesday night after a banner day out of three of the major market benchmarks.
The Dow Jones Industrial Average futures gained 21 points or 0.1%. S&P 500 futures also climbed 0.1% and Nasdaq 100 futures advanced 0.2%.
The Dow hit a break above 30,000 for the first time on Tuesday, rallying over 400 points. Tuesday’s rally accelerated the Dow to more than 13% monthly gains since 1987.
“The 30,000 passing represents the achievement of an arbitrarily determined milestone, but it also reflects the sentiment of the moment for investors,” said Scott Kannap, chief market strategist at Qina Mutual Group.
The small cap also closed at a record high with Russell 2000 rising nearly 2%. That gain boosted Russell by more than 20% for November, which would be his best monthly performance. The S&P 500, meanwhile, posted a higher closing on Tuesday, rising 1.6%.
The market rally comes amid high political clarity, increased market sentiment, with positive vaccine news to record highs.
Earlier this week, AstraZeneca said that a preliminary analysis showed that the average efficacy of her vaccine candidate was 70%. Meanwhile, the Trump administration made federal res available to President-Elect Joe Biden’s team for his transition to office. Traders have also nominated former Federal Reserve chairman Janet Yellen for the Treasury Secretary.
Those moves also came as traders continued to pile into beaten-down value stocks. The IShares Russell 1000 Value ETF (IWD) rose 2.1% on Tuesday and is up over 15% for the month. Its growth counterpart, the Eicher Russell 1000 Growth ETF (IWF), climbed 1.1% for the day and advanced 8.7% in November.
Chris Zaccarelli, chief investment officer of the Independent Advisory Alliance, said the recent price gains are “notable” as they “come despite negative news flows of Kovid cases across the country and re-lockdowns in various parts of the nation” . “
According to Johns Hopkins University data, the total number of confirmed coronovirus cases in the US has now risen to 12.4 million.
Still, “We remain creative [on the market overall] From now until the end of the year, the end of the year gave specific seasonal effects, ”said Zaccarelli.
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