U.S. stock futures higher after Nasdaq closes at record level

By Yashaswini Swamynathan |

(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. [O/R]

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 <.DJI> 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 <.SPX> is set to register a double-digit rise this year, compared with a 0.7 percent decline in 2015.

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

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