U.S. stock futures on Wednesday pointed to a higher open as oil tried for $50 a barrel, putting the Dow on track to extend the previous day's 213-point rally.
S&P 500 futures gained 9.75 points, or 0.5%, to 2,084.75, while Dow Jones Industrial Average futures rose by 79 points, or 0.5%, to 17,766. Nasdaq-100 futures tacked on 25.25 points, or 0.6%, to 4,470.50. On Tuesday, the S&P 500 closed 1.4% higher, while the Dow jumped by 1.2%, or 213.12 points, as a rally in financial and tech stocks underpinned a sharp and broad advance.
Analysts have been surprised by the gains. "I really am trying to get my head around the newfound euphoria," said David Buik, market commentor for Panmure Gordon & Co. "Yes, I get the learning to live with a 25 basis point U.S. Fed rate hike in June or July ... but I wonder!"
Oil futures traded higher, with West Texas Intermediate crude briefly rising as high as $49.45 a barrel, according to FactSet data. European stocks were advancing, while Asian markets mostly closed higher. Gold futures were losing ground, and the ICE U.S. Dollar Index was little changed.