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Dow and S&P futures rally with Biden stimulus package

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(Reuters) – Futures tracked by the S&P 500 and Dow Jones edged higher on Thursday as investors awaited details on President-elect Joe Bidens’ stimulus proposals and data on a struggling labor market straighten out.

FILE PHOTO: A Wall Street sign is pictured in front of the New York Stock Exchange in the Manhattan neighborhood of New York, New York, United States, October 2, 2020. REUTERS / Carlo Allegri / File Photo

The number of Americans claiming unemployment benefits rose to 795,000 last week from 787,000, according to the Department of Labor report, which could highlight the impact of the resurgence of COVID-19 infections on the market work.

However, major Wall Streets indexes are near record highs and the S&P 500 has risen in six of the past seven sessions as investors count on President-elect Joe Biden to unveil a stimulus package that could surpass 1 .5 trillion dollars to revive the economy.

Analysts said short-term political uncertainties in Washington, a relentless increase in coronavirus cases and a slower-than-expected rollout of vaccines could hamper short-term stock gains.

President Donald Trump became the first president in U.S. history to be impeached twice when the House voted on Wednesday 232-197 to charge him with inciting riots on Capitol Hill. The impeachment process threatens to last at the start of Bidens’ mandate.

As of 6:51 a.m. ET, the Dow E-minis were up 77 points, or 0.25%, and the S&P 500 E-minis, up 4.25 points, or 0.11%.

The Nasdaq 100 E-minis lost 19 points, or 0.15%, as heavyweights Tesla Inc fell 1.3% pre-market after the electric car maker was asked to recall 158,000 Model S and Model vehicles X for touch screen failures that could cause safety risks.

Taiwan Semiconductor Manufacturing Co Ltd’s U.S.-listed shares rose 3.1% after posting its best quarterly profit and raising income and capital expense estimates to record highs as it forecasted several years of opportunities for growth.

Attention turns to the earnings season with results from JPMorgan and Citigroup and other major banks slated for Friday.

Business forecasts for the first quarter and 2021 will be critical for investors, as new lockdowns threaten to push back a recovery in corporate profits, according to investment banks.

Report by Devik Jain in Bengaluru; Editing by Maju Samuel

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