From TheStreet's "Dow Futures Point To Record High Open As COVID Recovery Trade Roars" posted early Tuesday:
U.S. equity futures powered higher Tuesday, while global stocks extended their longest winning streak in at least 17 years, as investors continue to ride a COVID recovery trade built by accelerating vaccine rollouts and improving corporate earnings.
With President Joe Biden finding support for his $1.9 trillion stimulus bill from a Congress now unfettered by impeachment proceedings, investors are betting that the new injection of cash, alongside a vaccine effort that has partly-inoculated just over 11.5% of the U.S. population, will continue to boost sentiment.
Corporate earnings, as well, have impressed over the final three months of the year, even amid a pullback in consumer spending and uncertainty over the path of the virus heading into the holiday season.
With just over 75% of the S&P 500 reporting, fourth quarter earnings are expected to grow 3.5% from last year to a share-weighted $356.3 billion, according to Refinitiv data, with current quarter earnings looking at a 21.1% improvement from the same period last year.
The healthy backdrop, as well as a weaker U.S. dollar, has stocks on the move again Tuesday, with contracts tied to the Dow Jones Industrial Average indicating a 210 point opening bell gain that would take the index to a fresh-all time high and extend its post-election advance to around 8.4%.
My take: "Unfettered by impeachment proceedings." Four words that cover a lot of blood-soaked ground.