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US STOCKS-Futures higher after Nasdaq closes at record level
December 28, 2016 / 12:35 PM / a year ago

US STOCKS-Futures higher after Nasdaq closes at record level

* Futures up: Dow 29 pts, S&P 4.5 pts, Nasdaq 13.25 pts

By Yashaswini Swamynathan

Dec 28 (Reuters) - U.S. stock index futures rose on Wednesday, a day after strong economic data helped the Nasdaq close at a record high.

* With year-end celebrations around the corner, trading volumes are likely to remain light.

* Oil prices rose for the fourth day in a row and hovered close to a 2016 high ahead of a supply limit deal that will come into effect from Jan. 1.

* U.S. equities have been riding a post-election rally, feeding on optimism that Donald Trump’s policies would be business friendly, especially to banks and industrials. The rally has also been supported by a spate of strong economic data.

* The Dow Jones Industrial Average is likely to make a fresh attempt at breaching the elusive 20,000 mark, after coming within 20 points of the milestone on Tuesday.

* The Dow, which has gained the most among the three major Wall Street indexes from the Trump rally, is on track to have its best yearly gains since 2013. The S&P 500 is set to register a double-digit rise this year, compared with a 0.7 percent decline in 2015.

* The dollar index rose 0.3 percent and is on track for its best day since Dec. 15 after strong consumer confidence data on Tuesday lifted sentiment.

Futures snapshot at 6:59 a.m. ET:

* Dow e-minis were up 29 points, or 0.15 percent, with 8,875 contracts changing hands.

* S&P 500 e-minis were up 4.5 points, or 0.2 percent, with 38,791 contracts traded.

* Nasdaq 100 e-minis were up 13.25 points, or 0.27 percent, on volume of 8,055 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)

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