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Dow futures rise 150 points as stocks look to add to record levels

Futures contracts tied to the major U.S. stock indexes rose early Tuesday after a key volatility gauge Wall Street watches declined, which could unleash more buying from quant funds.

Dow Jones Industrial Average futures climbed 150 points, while S&P 500 futures rose 0.4% and Nasdaq 100 futures gained 0.5%. The U.S. stock market was closed on Monday for President’s Day.

CVS Health jumped more than 2% after the drugstore chain’s fourth-quarter earnings beat Wall Street’s expectations with its pharmacy sales getting a lift from providing Covid-19 testing and vaccines.

On Tuesday, the 10-year Treasury yield topped 1.25% for the first time since March.

The major averages finished last week at record levels even as February’s rally appeared to cool off somewhat. The Dow has gained 4.9% in February, while the S&P 500 and the Nasdaq have rallied 5.9% and 7.8%, respectively. The S&P 500 has raked in ten record closes in 2021.

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