Trader on the floor of the New York Stock Exchange.
As the introduction of the vaccine accelerated, US job growth rebounded strongly last month, and stock futures rose in overnight trading on Sunday.
Dow Jones Industrial Average futures rose 1
The Labor Department reported on Friday that non-agricultural employment increased by 916,000 in March, the highest level since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones had expected an increase of 675,000 and an unemployment rate of 6%.
Anu Gaggar, senior global investment analyst at the Federal Financial Network, said: “This reflects the removal of restrictions, increased vaccinations and a boost in fiscal stimulus measures.” “Faster work and wage growth may cause prices to rise. Pressure and test the Fed’s patience with loose monetary policy.”
Wall Street started a strong rebound in April. The S&P 500 index jumped more than 1% for the first time on Thursday, breaking the 4,000-point mark, bringing it to a 7% increase in 2021.
Last week, US President Joe Biden (Joe Biden) launched his trillion-dollar infrastructure plan, which focuses on rebuilding roads, bridges and airports, expanding broadband access, promoting the use of electric vehicles, and the national grid. Update. The plan will be partly funded by raising the corporate tax rate to 28%.
However, the plan faces opposition from Republicans because the $2 trillion plan includes some initiatives that they say go beyond traditional infrastructure issues.
Republican Senator Roy Blunt of Missouri on Sunday urged the Biden administration to cut 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 win Republican support and vowed to oppose the broader Democratic agenda.
In terms of the pandemic, the United States reported another new Kovic vaccination record on Saturday, bringing an average of more than 3 million new vaccinations per day per week.