The S&P 500 rose slightly on Wednesday, eking out another record closing high, as traders digested the latest developments surrounding a new round of U.S. fiscal stimulus negotiations.

It was the second straight record close for the S&P 500. Energy and financials were the best-performing sectors in the S&P 500, advancing 3.2% and 1.1%, respectively. 

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement Wednesday that the bipartisan bill unveiled on Tuesday should be used as “basis for immediate bipartisan, bicameral negotiations.” Those comments lifted the market off their lows.

On the data front, private payrolls rose by 307,000 in November, according to ADP. Economists polled by Dow Jones expected 475,000 private jobs were added in November. The number was also the lowest since July. ADP’s report comes days ahead of the Labor Department’s monthly jobs report.


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Plan A : Long if market supported firm above 3663. Targets are 3678, 3692 and 3710.

Plan B : Short if market failed to support above 3663. Targets are 3639, 3610 and 3587.

U.S. stock futures were largely unchanged early Thursday morning as investors awaited news on stimulus negotiations and the vaccine approval process.

The move in futures came after a relatively quiet day on Wall Street as investors monitored developments in Washington about a possible stimulus bill. During Wednesday's session, the Dow and S&P 500 gained 0.2%, while the Nasdaq Composite slipped 0.1%. 

On Wednesday evening, the House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on exchanges in the United States. The bill now goes to President Donald Trump, who is expected sign it into law.

On Thursday, initial claims data will give investors a final reading on the job market before Friday’s major jobs report. Economists surveyed by Dow Jones expect 780,000 new jobless claims, roughly unchanged from the prior week.

Investors will also keep an eye on the bond market, where the benchmark 10-year Treasury yield has flirted with the 1% level in recent days.
 

Plan A : Long if market doesn't retrace much and supported firm above 12406. Targets are 12435, 12463 and 12500.

Plan B : Short if market failed to support above 12406. Targets are 12365, 12328 and 12270.
 

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Plan A : Remain buy as long as oil price trades firmly above 44.2. Targets are 45.4 and 46.2    

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