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Dow Drops Below 30,000, Global Rally Fizzles Ahead Of Data Deluge

US index futures dropped alongside shares in Europe with Dow Jones futures sliding back under 30,000.

As a furious three-day rally paused ahead of a slew of pre-holiday economic indicators. Data, from jobless claims to consumer confidence and personal income, are due before markets close and traders head off for Thanksgiving. Positive vaccine news and the formal start of President-elect Joe Biden’s transition to power – including the selection of Janet Yellen as Treasury secretary – have fueled optimism about the outlook helping global shares hit record highs earlier on Wednesday, and were on course for their best month ever. S&P 500 futures, which roll from the December to the March contract, rose as much as 0.6% before reversing gains.

“All eyes on U.S. data,” David Madden, an analyst at CMC Markets UK, wrote in a note. He cited durable goods, an advanced reading of the third quarter gross domestic product and jobless claims among some of the indicators traders will be looking at on Wednesday.

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