Futures tied to major U.S. equity benchmarks rose in overnight trading on Thursday as Wall Street attempts to build on its record-breaking rally. The Dow Jones Industrial Average futures gained 211 points. The S&P 500 futures and the Nasdaq 100 futures also traded in positive territory.
The S&P 500 reached a new all-time high for a fifth day in a row on Thursday, and briefly topped 3,500 for the first time ever. The Dow gained 160 points for its fifth positive day in six. The Nasdaq underperformed with a 0.3% loss, led by declines in Apple and Amazon.
The 30-stock average briefly wiped out its 2020 losses during Thursday’s session and is now just down 0.1% for the year. Stocks got a boost Thursday amid volatile trading after the Federal Reserve unveiled a major policy shift, allowing inflation and employment to run higher to continue to support the economy.
So far this week, the S&P 500 is up 2.5%, on pace for its best week since July 2 and its fifth straight week of gains for the first time this year. The Dow and the Nasdaq also have gained more than 2% each week to date.
Investors will monitor fresh economic data on Friday, including consumer spending, personal consumption expenditures as well as consumer sentiment.