B. Mark Rant, global chief strategist at Riley Wealth Management, provides insight into the market march and advises on investments.
US stock futures traded higher and continued a march that closed the Dow above 32,000 for the first time.
The major futures indices are up more than 1.8% on the Nasdaq and 0.3% on the Dow.
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Shares rose on Wednesday after a key US inflation target fell below expectations, which could raise concerns about price pressures.
The U.S. House of Representatives approved President Biden’s $ 1.9 billion COVID-19 relief bill, which sent the Dow 1.5 percent higher at a record 32,297.02.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 32297.02 | +464.28 | + 1.46% |
| SP500 | S&P 500 | 3898.81 | +23.37 | + 0.60% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13068.831852 | -4.99 | -0.04% |
The S&P 500 rose by 23.37 points to 3,898.81. The Nasdaq slipped less than 0.1% to 13,068.83.
The Labor Department reported that U.S. consumer prices, a key measure of consumer-level inflation, rose 0.4 percent in February, the largest rise in six months, led by a rise in gasoline prices. But core inflation, excluding food and energy, achieved a much smaller increase of 0.1%, easing fears that inflation could rise as the pandemic’s economy recovers.
CONSUMER PRICES RISK IN FEBRUARY OFFER SCHEDULE SPARKS INFLATION FEAR
Treasury yields generally declined following the report, including the standard ten-year treasury note, which affects interest rates on mortgages and other consumer loans. The return on the 10-year treasury note was 1.52%.
The Department of Labor will submit its number of new unemployment benefit claims for last week on Thursday morning. The expectation is 725,000, a decrease of 20,000 compared to the previous week and the lowest since the end of November.
In Europe, the London FTSE added 0.1%, the DAX 0.1% and the French CAC 0.2%.
In Asia, Tokyo’s Nikkei 225 index rose 0.6%, Hong Kong’s Hang Seng added 1.7% and China’s Shanghai Composite Index rose 2.4%.
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In other trades, U.S. benchmark crude rose $ 1.12 to $ 65.57 a barrel in electronic trading on the New York Mercantile Exchange. It picked up 43 cents to $ 64.44 a barrel on Wednesday. Brent crude oil, the international standard, received $ 1.10 to $ 69.00 a barrel.
Associated Press contributed to this article.