Futures on the Dow Jones Industrial Average rose 51 points, or 0.2%. The S&P 500 was indicated to open up 0.2% while the Nasdaq Composite futures were up 0.5%. The price of crude oil rose 1.7% to $51.68 a barrel.
This past week has seen the Democrats take control of the Senate and riots on Capitol Hill, followed by the confirmation of President-Elect Joe Biden as the next President. Investors expect more fiscal spending as a Democratic regime is set to begin, though the party only has a slight majority in the Senate. The U.S. economy lost 140,000 jobs in Decemberâ€”Wall Street was expecting an increase of 100,000â€”and that might mean the case for stimulus is even stronger. The unemployment rate came in at a better-than-expected 6.7%.
Here were some notable stock movers:
United States Steel Corporation (X) rose 2% after Deutsche Bank upgraded the stock to Buy from Sell.
Newell Brands (NWL) gained 3% after Bank of America upgraded it to Buy from Neutral.
D.R. Horton (DHI) advanced 1.6% after RBC Capital Markets upgraded the stock to Outperform from Sector Perform and raised its price target to $80 from $75.
CVS Health (CVS) rose 1.5% after Jefferies upgraded the stock to Buy from Hold.
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