By Investors Hub
The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks poised to extend the upward move seen in the previous session.
Better than expected earnings news from Dow components Johnson & Johnson (JNJ), Procter & Gamble (PG) and Travelers (TRV) may contribute to early strength on Wall Street
Stocks moved mostly higher over the course of the trading session on Monday, extending the strong upward move seen last week. With the gains, all three of the major averages reached new record closing highs.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow rose 142.88 points or 0.6 percent to 26,214.60, the Nasdaq jumped 71.65 points or 1 percent to 7,408.03 and the S&P 500 climbed 22.67 points or 0.8 percent to 2,823.97.
Traders did not show much of a response to the subsequent government shutdown but saw further upside amid signs that the shutdown will be resolved.
The Senate voted 81 to 18 in favor of limiting debate on a short-term spending bill, which would fund the government through February 8th.
Democrats agreed to vote to advance the short-term spending bill after Republican leaders promised to hold a vote on legislation providing protections for young illegal immigrants brought to the country as children.
The shutdown came after a spending bill approved by House Republicans failed to clear a procedural hurdle in the Senate on a largely party line vote of 50 to 49.
The bill would have funded the government through February 16th, reauthorized the popular Children’s Health Insurance program for six years and delayed some Obamacare taxes.
The shutdown is largely due to a disagreement over whether to include protections for young illegal immigrants brought to the country as children in the spending bill.
Democrats have demanded the inclusion of protections for the illegal immigrants known as Dreamers, while Republicans have argued the issue should be addressed separately.
Both sides blamed each other for the government shutdown, which marks the first official shutdown since October of 2013.
Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 6 percent. With the jump, the index has reached a record closing high.
Juno Therapeutics (JUNO) led the biotech sector higher after the company agreed to be acquired by Celgene (CELG) for approximately $9 billion in cash.
Energy, retail, and internet stocks also moved notably higher on the day, contributing to the advanced by the broader markets.
more recommended stories
Nigeria Seeks Additional $2.5bn World Bank Loan
By Adedapo Adesanya The Nigerian government.
Wapic Insurance Seeks NSE Nod for N5.93bn Rights Issue
By Dipo Olowookere Another insurance company.
Nigerian Stock Exchange Holds AGM Sept 30
By Dipo Olowookere One of the.
Foreign Investors Stake N35bn on Nigerian Stocks in August
By Dipo Olowookere In the immediate.
Beer War: International Breweries to Raise Funds
By Dipo Olowookere The beer war.
Banking Stocks Shorten Investors’ Wealth by N17bn
By Dipo Olowookere Investors in the.
Naira Gains at I&E on Rise 45% in Turnover Thursday
By Adedapo Adesanya The Naira appreciated.
Oil Bounce Back as Brent Trades $64 Thursday
By Adedapo Adesanya Oil prices bounced.