Futures on the Dow Jones Industrial Average gained about 70 points. S&P 500 and Nasdaq 100 futures rose about 0.2% each.
During regular trading hours, the blue-chip Dow rose 300 points to top the 34,000 milestone amid blowout economic data. The S&P 500 and the Nasdaq Composite gained more than 1% each on Thursday.
“The Dow’s push through 34,000 is a signal that investor appetite for future growth prospects is spilling over into more value-oriented names,” said Peter Essele, head of portfolio management at Commonwealth Financial Network. “The demand for industrials and more cyclically-oriented areas should continue as the vaccines take hold and earnings potentially come in higher than originally expected.”
Investor sentiment was boosted by economic data on Thursday that pointed to a rebound in consumer spending and the jobs market.
Retail sales jumped 9.8% in March as additional stimulus sent consumer spending soaring, topping the Dow Jones estimate of a 6.1% gain.
Meanwhile, U.S. jobless claims dropped to the lowest level since March 2020. The Labor Department reported 576,000 first-time filings for unemployment insurance for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.
The first-quarter earnings season started on a high note with big banks reporting results above expectations. Morgan Stanley is set to release its earnings Friday before the bell.
Wall Street is poised to wrap up another winning week. The S&P 500 has gained 1% this week, on pace for its fourth straight positive week. The Dow has climbed 0.7%, while the Nasdaq is up 1% through Thursday.
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