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S&P 500 futures hit record high as Trump rally returns

By Yashaswini Swamynathan

S&P 500 index futures hit a record intraday high on Wednesday, pointing to a revival of the post-election rally, encouraged by President Donald Trump's push for pro-growth policies.

* The S&P 500 and the Nasdaq Composite closed at record levels on Tuesday after Trump signed executive orders to move forward with the construction of two oil pipelines.

* Trump also pushed the Big Three U.S. automakers to establish manufacturing plants in the country.

* The Trump rally ran out of steam in recent weeks as investors fretted about the lack of detail on growth initiatives such as tax and regulatory reforms that Trump had promised during his campaign.

* The dollar dropped to a near seven-week low on Wednesday of 99.84 as concerns about Trump's protectionism stance on trade lingered.

* A largely positive fourth-quarter earnings season also buoyed sentiment. Of the 79 S&P 500 companies that have reported earnings so far, nearly 70 percent have beaten expectations, according to Thomson Reuters I/B/E/S.

* Dow component Boeing's shares rose 1.53 percent to $163 after the planemaker reported results.

* Seagate shares surged 12.3 percent to $42.06 in light premarket trading after the hard-disk drive maker forecast current-quarter revenue above estimates, buoyed by strong demand for its cloud-based storage products.

* Aluminum producer Alcoa rose 4.2 percent to $39.10 after reporting a better-than-expected first quarter revenue.

* AT&T and Qualcomm are scheduled to report results after market close.

Futures snapshot at 6:52 a.m. ET:

* Dow e-minis were up 58 points, or 0.29 percent, with 19,100 contracts changing hands.

* S&P 500 e-minis were up 6 points, or 0.26 percent, with 93,039 contracts traded.

* Nasdaq 100 e-minis were up 19.75 points, or 0.39 percent, on volume of 19,562 contracts.

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