Stock futures rally as Trump signs coronavirus relief bill – Fox Business

U.S. stock futures were grinding higher Monday morning as traders returned to work from an extended holiday weekend that saw President Trump sign a COVID-19 relief bill.

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Dow Jones Industrial Average futures were higher by 152 points, or 0.5%, while S&P 500 futures and Nasdaq Composite futures were up 0.7% and 0.64%, respectively.

Components of the $900 billion aid package include a direct payment of up to $600 to most Americans, an additional $300 per week in unemployment benefits and Paycheck Protection Program funding.

Trump, who had threatened to veto the bill due to parts of it containing “wasteful and unnecessary spending,” called on Congress to at a later date increase the direct payment to $2,000.

Looking at stocks, U.S. air carriers were among the top performers as the beaten-down sector is set to receive relief from the package.

Financials, including J.P. Morgan and Bank of America, were also higher.

Elsewhere, MasterCard said holiday sales rose 3% year-over-year, fueled by a 49% increase in online spending as customers shopped from home amid the pandemic. Home furnishing sales grew 16% while apparel sales slumped 19%.

Meanwhile, Alibaba announced a $10 billion buyback program after shares plunged 13% on Friday in response to Chinese regulators ramping up pressure on Ant Financial, the world’s largest financial-technology company, which started as a payments service on the company’s e-commerce platform.

Oil majors Exxon Mobil Corp. and Chevron Corp. battled higher as West Texas Intermediate crude oil advanced 46 cents to $48.69 per barrel. Gold, meanwhile, fell $5.50 to $1,877.70 per barrel.

In Europe, Germany’s DAX 40 touched a record high, up 1.7%, in its first full day of trading since a Brexit deal was announced Thursday. France’s CAC 30, meanwhile, climbed 1.1% and Britain’s FTSE 225 was closed for holiday.

Asian markets ended mixed with Hong Kong’s Hang Seng slipping 0.27% while China’s Shanghai Composite index edged up 0.02% and Japan’s Nikkei 225 added 0.74%.


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