Wall Street Aims To Open Higher

Despite the increase in COVID 19 infections, the market is expecting a light at the end of the tunnel. President Donald Trump’s announcements and new guidelines to help loosen restrictions are adding hope.

Initial signs from the U.S. Futures Index suggest that Wall Street might open higher.
Asian shares finished higher, while European shares are trading higher.

As of 8.20 am ET, the Dow futures were up 741.00 points, the S&P 500 futures were progressing 78.25 points and the Nasdaq 100 futures were adding 159.75 points.

The U.S. major averages all closed in positive territory on Thursday, although the Nasdaq outperformed its counterparts. While the Nasdaq surged up 139.19 points or 1.7 percent to 8,532.36, the S&P 500 rose 16.19 points or 0.6 percent to 2,799.55 and the Dow inched up 33.33 points or 0.1 percent to 23,537.68.
On the economic front, the Conference Board’s Leading Indicators for March will be issued at 10.00 am ET. The consensus is for a decline of 7 percent, while it was up 0.1 percent in the prior month.

The Baker Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North American Rig Count was 637, and the U.S. Rig Count was 602.
St. Louis Federal Reserve Bank President James Bullard will participate in a panel discussion of the health, monetary and fiscal policy responses to COVID-19 and their implications for the post-virus global financial system in a Reinventing Bretton Woods Committee Webinar at 9.00 am ET.

Asian stocks posted strong gains on Friday. Chinese shares rose. The benchmark Shanghai Composite index gained 0.66 percent to close at 2,838.49, while Hong Kong’s Hang Seng index ended up 1.56 percent at 24,380.

Japanese shares climbed. The Nikkei average climbed 607.06 points, or 3.15 percent, to 19,897.26, its highest closing since March 9. The broader Topix index gained 1.43 percent to finish at 1,442.54.

Australian markets rose sharply. The benchmark S&P/ASX 200 climbed 71.20 points, or 1.31 percent, to 5,487.50, while the broader All Ordinaries index ended up 77.10 points, or 1.41 percent, at 5,544.70.

European shares are trading higher. CAC 40 of France is adding 182.32 points or 4.19 percent. DAX of Germany is progressing 388.86 points or 3.78 percent. FTSE 100 of England is gaining 194.44 points or 3.46 percent. Swiss Market Index is up 210.43 points or 2.22 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is adding 3.63 percent.

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