The Australian stock market could reach 7000 points again today and close the week at an annual high.
At 7:15 am, ASX 200 futures were up slightly 2 points to 6961.
The benchmark surpassed 7,000 on Thursday, for the first time since COVID-19 hit the market 13 months ago. Its closing price was also its highest in 13 months.
The growth of the stock market is associated with the growth of American stocks.
The S&P closed at an all-time high on Thursday (local time) and the Nasdaq also hit a seven-week high.
Tesla tech shares gained 1.91% as the Joe Biden administration pledged $ 174 billion to develop electric vehicles.
The scheme will include discounts for consumers buying electric vehicles and money to build 500,000 new charging stations.
Other EV makers, including GM, Fisker, Nikola and Canoo, also saw gains in the news.
Currencies are rising against the dollar
The Australian dollar is stable against the dollar as the US currency falls against a number of currencies, reducing the yield on Treasury bonds.
The fall came after the data showed an unexpected rise in the number of jobless claims in the US.
The weekly data on initial jobless claims showed the second consecutive growth, which contradicts the recent employment report.
The U.S. Federal Reserve also signaled that the central bank was not close to cutting economic support for the economy, warning that any increase in COVID-19 cases could slow the recovery.
The currencies that rose against the US dollar include the Brazilian real, which rose 1.3%.
This is despite the fact that Brazil is still struggling with growing infections and soaring deaths, overtaking even the US pandemic crisis.
One US dollar can now buy 5.57 reais, and one Australian dollar can buy 4.26 reais. A year ago, one Australian dollar could only buy about 3 reais.
Real was one of the worst currencies in 2020 and will return to that level again in 2021.
The Japanese yen also rose to a two-week high against the US currency.
ABC / wires