US stock index futures were flat in night trading on Thursday, closing at a new high after the key average.
The futures contract is tied with the Dow Jones Industrial Average 5 points. S&P 500 futures remained unchanged, while Nasdaq 100 futures slipped 0.04%.
The major average was coming in a record-setting session that saw all three sequels rise to new heights. The Dow rose to 148 points for a gain of 0.49% during regular trading hours. The S&P 500 and Nasdaq Composite achieved both intraday and record closing highs, 0.58% and 0.84% respectively.
Feet rose high amid optimism surrounding Kovid vaccines, as well as hopes that Washington would soon come to a consensus on additional stimulus measures.
Leaders on Capitol Hill said they are close to an agreement that would provide $ 900 billion in additional aid. The months-long negotiation is against the wire, with federal funding coming to an end at 12:01 pm ET on Saturday.
Senate Majority Leader Mitch McConnell, R-Ky., Said Thursday that “a bipartisan, bicameral compromise appears to be close at hand.” He said it was “highly likely” Congress would work through the weekend, adding that lawmakers may have to pass a short-term funding measure to buy enough time to approve the law.
House Speaker Nancy Pelosi, D-California, also said Democrats are moving closer to a consensus. “We made some progress this morning” and “are waiting to hear back,” she told reporters on Thursday.
Stocks jumped on Thursday despite disappointing economic data, along with an increase in Kovid cases. Unemployment claims last week totaled 885,000, reaching its highest level since early September, and above the expected print of 808,000. Meanwhile, data released on Wednesday saw a 1.1% drop in retail sales in November, larger than the 0.3% drop expected by economists.
“The bad news this week is that the third wave is continuously worsening, and the epidemic is causing economic damage,” said Brad McMillan, chief investment officer for the Commonwealth Financial Network. “The good news is that the policy is beginning to succeed in containing the virus, and the federal government will likely pass an incentive bill, reducing both major risk factors.”
Macmillan said investors should expect more volatility in the short term before growth returns to 2021 on the stimulus and vaccine front. “With vaccines and ramps now available, we are at the end of the onset of the epidemic,” and there is recognition in the markets that, “he said.
On Thursday evening, Food and Drug Administration advisors modernly supported the Kovad vaccine, an important step toward public distribution approval by the FDA.
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