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US STOCKS-S&P 500 futures top 3,000 points on recovery hopes

Published 05/26/2020, 06:31 PM
Updated 05/26/2020, 06:40 PM
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* Futures up: Dow 2.02%, S&P 1.85%, Nasdaq 1.81%

(Changes dateline, adds details, updates prices)
By Medha Singh
May 26 (Reuters) - U.S. stock futures rose 2% and breached a
major chart barrier on Tuesday as global easing of lockdowns and
business restarts boosted optimism about economic recovery among
investors returning from a long weekend.
Spain urged foreign holidaymakers to return from July as it
eases one of Europe's strictest curbs, while Britain was looking
to reopen thousands of High Street shops, department stores and
shopping centers next month. The beaten down travel-related stocks gained in premarket
trading with United Airlines Holdings Inc UAL.O , online travel
agency Expedia Group Inc EXPE.O , hotel operator Marriott
International Inc MAR.O all up about 8% each.
Wall Street's main indexes ended mixed on Friday as
China-U.S. tensions heated up, but still managed to log more
than 3% gains for the week, fueled by hopes of an eventual
coronavirus vaccine and easing of virus-related curbs.
At 6:08 a.m. ET, S&P 500 e-minis EScv1 were up 1.85% at
3,007.5. The futures contract broke through 2,988.38, a 200-day
simple moving average, suggesting a strong day ahead for U.S.
stocks.
Dow e-minis 1YMcv1 were up 494 points, or 2.02% and Nasdaq
100 e-minis NQcv1 were up 170.25 points, or 1.81%.
Later in the day, the Conference Board's data is expected to
show consumer confidence index edged up slightly after hitting a
six year low in April.

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S&P futures scales 3,000, cross 200-DMA https://fingfx.thomsonreuters.com/gfx/mkt/jbyvrljamve/Pasted%20image%201590479196024.png
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