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UPDATE 1-S&P 500 futures hit record high on stimulus bets

Published 11/08/2020, 11:24
Updated 11/08/2020, 11:36
© Reuters.
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(Adds details; updates prices)
By Medha Singh and Ambar Warrick
Aug 11 (Reuters) - Futures tracking the S&P 500 index hit a
record high on Tuesday as investors shrugged off simmering
U.S.-China tensions to bet on a stimulus-led economic recovery
from the COVID-19 pandemic.
At the current levels, the benchmark index is set to open
about 12 points below its Feb. 19 record peak of 3,393.52.
A rally in technology and tech-related companies including
Amazon.com AMZN.O , Netflix Inc NFLX.O and Apple Inc AAPL.O
that thrived during the shutdowns helped the Nasdaq reclaim its
all-time high in June, while the blue-chip Dow remains about 6%
below its peak.
Market participants are now eager to see an agreement on the
fifth federal aid bill to support about 30 million unemployed
Americans as the battle with the health crisis was far from over
with U.S. cases surpassing 5 million last week.
The S&P 500 closed less than 1% below its record high on
Monday as investors extended a rotation into value stocks from
heavyweight tech-related names.
At 6:11 a.m. ET, S&P 500 e-minis EScv1 were up 23.25
points, or 0.69%, topping an all-time high of 3,372.25 points
last hit on Feb. 20.
Dow e-minis 1YMcv1 were up 278 points, or 1% and Nasdaq
100 e-minis NQcv1 were up 64 points, or 0.58%.


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