Stock futures trade sharply higher today to begin a holiday-shortened week, as optimism grows about the reopening of the economy and a potential coronavirus vaccine.
reported positive development on its vaccine trial where all 45 participants had developed coronavirus antibodies. There are 10 vaccines in clinical evaluation and 114 in pre-clinical evaluation, according to a running tally by Fundstrat.
The S&P 500 was set to meet or exceed its 200-day moving average after the open Monday. The benchmark needs to gain 1.8% to reach the milestone. Many technical analysts look at that moving average as a sign of the long-term trend. Rising above it could signal a change in long-term trend from bearish to bullish.
The moves in stock futures followed a solid week for Wall Street that saw the 30-stock Dow rise 3.3%, posting its best weekly performance since April. The S&P 500 and Nasdaq also climbed more than 3% last week.cases in the U.S. topped more than 1.6 million as deaths rose to more than 97,000, a tally from Johns Hopkins University showed as of Monday.
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