From TheStreet’s “Dow Futures Extend Gains On Stimulus Progress With Fed Meeting In Focus” posted early Wednesday:
U.S. equity futures extended gains Wednesday, while the dollar tumbled to fresh multi-year lows, as markets looked to potential breakthroughs on stimulus talks in Washington and Brexit negotiations in Europe.
House Speaker Nancy Pelosi, along with her Democratic colleague in the Senate, Chuck Schumer, met with Republican majority leaders Mitch McConnell and Kevin McCarthy on Tuesday in a meeting that all four described as positive in terms of reaching an agreement on a coronavirus relief bill before Friday’s federal funding deadline.
The apparent progress, which followed months of wrangling and partisan bickering even as coronavirus cases surged and jobless claims accelerated into the final weeks of the year, could finally result in a $750 billion injection into the unsteady economy.
More targeted support may also be on tap from the Federal Reserve, which wraps up its final two-day policy meeting of the year this afternoon amid expectations of a boost to its $120 billion per month in bond purchases and signals that benchmark interest rates will remain at near zero for at least the next three years.
My take: Tuesday’s Apple rally will be hard to beat.