Stocks closed at record levels on Thursday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020.

The S&P 500 gained 0.6% to end the day at 3,722.48. Both the S&P 500 and Nasdaq hit intraday and closing records. The Dow posted its highest-ever closing level.

Real estate, materials and health care were the best-performing sectors in the S&P 500, rising more than 1% each. 

The latest round of U.S. fiscal stimulus talks comes as Covid-19 cases increase at a record pace. The U.S. is recording at least 215,729 additional Covid-19 cases each day, based on a seven-day average calculated by CNBC using Johns Hopkins University data. On Wednesday alone, more than 247,000 new infections were confirmed.

On Thursday, data showed jobless claims totaled 885,000 last week, hitting their highest level since early September. Economists expected 808,000 workers sought state jobless benefits during the week ended Dec. 12.

Plan A : Short if market failed to support above 3680. Targets are 3651, 3628 and 3601.

Plan B : Long if market doesn't retrace much and supported firm above 3680. Targets are 3698, 3711 and 3728.
 

U.S. stock index futures were lower in early morning trading on Friday, after the major averages closed at new highs.

The tech-heavy Nasdaq Composite advanced 0.8% to close at 12,764.75.

The leg higher came amid optimism around Covid vaccines, as well as the hope that Washington will soon come to a consensus on additional stimulus measures.

Stocks’ jump higher on Thursday came despite a rise in Covid cases, as well as disappointing economic data. Jobless claims totaled 885,000 last week, hitting their highest level since early September, and coming in above the expected print of 808,000. Meanwhile, data released on Wednesday showed retail sales falling 1.1% in November, larger than the 0.3% decline expected by economists.

Plan A : Short if market failed to support above 12669. Targets are 12629, 12588 and 12547.

Plan B : Long if market doesn't retrace much and supported firm above 12669. Targets are 12695, 12731 and 12756.
 

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Plan A : Remain buy as long as oil price trades firmly above 48.2. Targets are 48.6 and 49.4  

Plan B : Consider sell only if oil price surges but fails to breach above 48.6. Targets are 47.4 and 46.8

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