By CCN.com: The US stock market is primed to jump higher on Monday after increased optimism over the state of the US-China trade negotiations caused Dow futures to leap nearly 100 points. The bitcoin price, however, continues to bleed lower in the wake of its failed attempt to clear a key resistance level.
Dow Futures Climb Nearly 100 Points after Snapping Winning Streak
As of 8:47 am ET, Dow Jones Industrial Average futures had bounced by 94 points or 0.36 percent, implying a rise of around 100 points at the opening bell. S&P 500 and Nasdaq futures also traded up, with the former gaining 0.34 percent and the tech-heavy Nasdaq jumping 0.56 percent.
Dow futures climbed on Monday morning. | Source: Yahoo Finance
On Friday, the Dow recovered from early-week losses to rise by 110.32 points or 0.43 percent to close at 26,026.32. However, the end-of-week rally was not enough to rescue the index’s weekly winning streak, which ended at nine after the Dow failed to close above its Feb. 22 mark of 26,031.81.
Nevertheless, sustaining the 26,000 level gave the bulls to cheer about, and the Dow wasn’t the only US stock market index to close above an important milestone. The S&P 500 edged past 2,800 before the bell after a 0.69 percent surge propelled it to 2,803.69.
The S&P 500 closed above 2,800 for the first time since early November. | Source: Yahoo Finance
Dubbed “the place where S&P 500 rallies go to die,” 2,800 had presented strong psychological and technical resistance for nearly four months. Before Mar. 1, the S&P 500 had not closed above that mark since Nov. 8, 2018.