US stock market inches up on President's Day after notching record high as investors look forward to stimulus spending

THE US stock market futures are inching up this President's Day after markets reached a record high as investors look forward to an injection of stimulus spending.

Those tied to the S&P 500 increased by 0.4 percent on Monday after the broad-market index experienced all-time high on Friday thanks to muted gains.

Contracts linked to the Dow Jones Industrial Average pushed forward by 0.5 percent.

Markets in the United States are closed today to mark President's Day on February 15.

Meanwhile, during this year's stock market climb, investors are reportedly anticipated some much-need stimulus spending as the coronavirus vaccine inches the country towards normalcy, reported the Wall Street Journal.

Hard-hit Americans may receive $1,400 checks if President Joe Biden's $1.9trillion Covid relief package is passed by Congress, who are still mulling the decision.

"[Investors are focused on] fiscal stimulus, monetary stimulus, the recovery and earnings that are expected to come through in 2021," Esty Dwek, head of global market strategy at Natixis Investment Managers. told WSJ.

She explained that "[Monday is] going to be a quieter day with more of the same, more upward moves."

On the corporate side of things, big companies like CVS and Walmart are set to report their earnings later in the week,

As oil prices skyrocket to their highest since January 2020, the wild cold weather in Texas could threaten the oil output in-state, according to analyists cited by the outlet.

Brent was up 1.4 percent to $63.31 a barrel and West Texas Intermediate, the US benchmark, added 2 percent to $60.63.

Meanwhile, CoinDesk data revealed that Bitcoin reached a record high over the weekend, trading above $49,500.

The cryptocurrency – recently bought by Elon Musk's company Tesla – pulled back on Monday, climbed back down to $48,300.

Elsewhere, Stoxx Europe 600 climbed 1.2 percent.

Dwek explained the gauge tracks companies that are sensitive to economic performance, such as car makers and banks.

These stocks are rising as investors take their chances on the economic rebound, she explained.

Leaders from around the world are set to discuss the global pandemic response a year after the virus was first detected on US soil. battering the economy and resuling in a wave of job losses.

This virtual meeting of leaders from the Group of Seven industrialized nations is scheduled for Friday.

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