US equity futures indicate a higher opening when the Wall Street session begins on Wednesday.
Dow futures suggest a 0.5% rise.
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On Tuesday, the S&P 500 gained 1.1%, ending a four-day losing streak amid a series of concerns about the pandemic and how governments are responding to it.
Federal Reserve Chief Jerome Powell is pushing Congress for more help to support the economic recovery, citing concerns over the lingering impact of the pandemic.
Economically, research firm IHS Markit will release its manufacturing and flash service PMIs for September. The manufacturing sector is expected to hold its own from August, with services pulling back slightly. Remember that readings above 50 indicate an expanding sector:
POWELL AND MNUCHIN VOICE OPTIMISM BUT RETURN MORE ECONOMIC AID
In Asia, Tokyo’s Nikkei 225 fell 0.1%, reopening after a four-day weekend, while the Hang Seng in Hong Kong rose 0.2% and the Shanghai Composite Index of the China edged up 0.2%
In Europe, London’s FTSE rose 1.5%, Germany’s DAX rose 1.4% and France’s CAC rose 1.6%.
On Wall Street, the S&P 500 climbed 1.1% to 3,315.57, led by strong gains in technology and communications stocks and companies that rely on consumer spending. Banks, healthcare and energy stocks closed lower.
The gains helped the market recoup some of its losses a day after stocks fell amid a series of concerns about the pandemic and government response.
|I: DJI||MEDIUM DOW JONES||27288.18||+140,48||+ 0,52%|
|SP500||S&P 500||3315,57||+34,51||+ 1,05%|
|I: COMP||INDEX COMPOSITE NASDAQ||10963,636953||+184,84||+ 1,71%|
The Dow Jones Industrial Average index gained 0.5% to 27,288.18. The Nasdaq composite climbed 1.7% to 10,963.64.
A long list of concerns for investors has caused big swings in the market, from concerns that stocks have become too expensive to frustration at Congress’ refusal so far to provide more aid to the struggling economy. .
The Federal Reserve Chairman urged Congress to act on further aid for the economy during a House of Representatives committee hearing on Tuesday, saying the economy appears to be improving, but likely has still need more government stimulus. The additional weekly unemployment benefits and other stimulus packages approved by Congress in March have expired, and some sectors of the economy have already slowed as a result.
Other investor concerns include rising tensions between the United States and China, which could lead to Chinese retaliation against U.S. tech companies, as well as the upcoming U.S. election and all the changes in tax policy and regulations that may arise. ‘they can create.
Traders also offered shares in homebuilders after the National Association of Realtors said sales of previously occupied U.S. homes rose 2.4% in August to their highest level since 2006. Sales are up 10.5% from a year ago and back to pre-COVID-19 levels of early 2020.
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US benchmark crude fell 10 cents to $ 39.70 per barrel in e-commerce on the New York Mercantile Exchange. It rose 26 cents to $ 39.80 a barrel on Tuesday. Brent was unchanged at $ 41.69 per barrel.
The Associated Press contributed to this article.