S&P 500 Futures Hit All-Time Highs

By Mithun Girishan|

Published: December 29 2020, 10:57 GMT+0

S&P 500 Futures Hit All-Time Highs

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S&P 500 futures recorded a well-deserved all-time high gain, nearing the 3740 mark.

Cheering the stimulus rally, S&P 500 went up by 0.87%. It was DXC Technology Company and Xerox Holding Corporation that helped S&P 500 with this achievement. News that the US House’s passage of 2,000 USD COVID aid checks also helped.

The Dow Jones also added 0.68% mainly thanks to Apple and Disney stocks.

Fuelled by market optimism following the stimulus package, gold took a bid near 1,880 USD amidst a risk-on mood. Gold prices can very well eye 1,900 USD threshold based on the current ascending trend line.

Capitalizing on the weakness of the USD, the GBPUSD pair surged further ahead during Asian trading hours and peaked at 1.3575.

However, because of the winter holidays and the market taking time to digest the news of President Donald Trump signing the stimulus bill, the EURUSD still hovers around 1.2210 with limited hope for a bearish run.

The Senate’s performance on the US stimulus package will determine the market direction in the coming days, provided there are no other major events happening.