Traders on the floor of the New York Stock Exchange.
Source: CNBC
Equity futures traded overnight on Sunday, while investors last month encouraged a strong boost in U.S. job growth amid the faster deployment of vaccines.
Futures on the Dow Jones industrial average rose 136 points. S&P 500 futures rose 0.4% and Nasdaq 100 futures rose 0.2%.
The Department of Labor reported Friday that non-farm payrolls rose 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones expected an increase of 675,000 and an unemployment rate of 6%.
“This reflects the lifting of restrictions, increases in vaccinations and boosting the fiscal stimulus,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. “Faster jobs and wage growth could put upward pressure on prices and test the Fed’s patience with easy monetary policy.”
Wall Street kicked off April with a strong rally. The S&P 500 reached more than 1% for the first time on Thursday to reach the threshold of 4000, which brought its 2021 profit to 7%.
Last week’s strength came after President Joe Biden introduced his multi-million dollar infrastructure proposal, which focuses on rebuilding roads, bridges and airports, expanding broadband access and improving the use of electric vehicles and updating the country. their electric net. The plan is partly funded by an increase in the corporate tax rate to 28%.
However, the plan is facing opposition among Republicans, as the $ 2 trillion plan includes initiatives that they say go beyond traditional infrastructure issues.
Missouri Republican Senator Roy Blunt on Sunday called on the Biden government to compare the package to about $ 615 billion and focus on physical infrastructure such as roads and airports.
Senate Majority Leader Mitch McConnell, R-Ky., Said last week that Biden’s plan would not receive Republican support and vowed to oppose the broader Democratic agenda.
On the pandemic front, the US again reported a daily record of new Covid vaccinations, bringing the weekly average new shots per day above 3 million.