Chef Eric Miggins is preparing an order to take to the Penn Tavern on Penn Ave in West Lawn on Wednesday afternoon, March 10, 2021.
Ben Hasty | MediaNews Group | Reading Eagle via Getty Images
Stock futures rose in trading on Sunday overnight, while investors cheered a sharp rebound in U.S. job growth last month amid accelerating vaccine deployment.
Dow Jones industrial average futures jumped 136 points. The S&P 500 futures rose 0.4% and the Nasdaq 100 futures rose 0.2%.
The Labor Department reported on Friday that non-farm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones expected an increase of 675,000 and an unemployment rate of 6%.
“This reflects the removal of restrictions, increased vaccinations and the boost provided by the fiscal stimulus,” said Anu Gaggar, a senior investment analyst at the Commonwealth Financial Network. “Faster jobs and wage growth may put upward pressure on prices and test the Fed’s patience with easy monetary policy.”
Wall Street kicked off in April with strong concentration. The S&P 500 jumped more than 1% to surpass the 4,000 threshold for the first time on Thursday, and rose in 2021 to 7%.
Last week’s strength came after President Joe Biden unveiled his multimillion-dollar infrastructure proposal, which focuses on rebuilding roads, bridges and airports, expanding broadband access and boost the use of electric vehicles and upgrade the country’s electricity grid. The plan will be funded in part by a 28% increase in the corporate tax rate.
However, the plan faces opposition among Republicans, as the $ 2 trillion plan includes initiatives that they say extend beyond traditional infrastructure issues.
Republican Sen. Roy Blunt of Missouri on Sunday urged the Biden administration to reduce the package to about $ 615 billion and focus on physical infrastructure such as roads and airports.
Senate Minority Leader Mitch McConnell, R-Ky., Said last week that Biden’s plan would not receive Republican support and vowed to oppose the broader Democratic agenda.
As for the pandemic, the United States reported on Saturday another daily record of new vaccines against Covid, exceeding the weekly average of 3 new vaccines a day.