Obstinately, Wall Street embrace onto optimism
Financeroll – Wall Street appears to hold the optimism it had notched up in the previous three sessions with tenacity, as reflected by the positive trading in index futures on Wednesday. Meanwhile, reports of division among euro group officials engendered pessimism in the rest of the global markets, with Asian markets ending a lackluster session on a mixed note, while European stocks are also trading mixed.
Policy support may be forthcoming from another major central bank, with one of Bank of England policymakers emphasizing on his preference for another round of quantitative easing against the backdrop of worsening global economic outlook. Domestically, the durable goods orders report may also create some ripples in the market.
As of 6:30 am ET, the Dow Jones futures are rising 91 points, the S&P 500 futures are moving up 10.20 points and the Nasdaq 100 futures are advancing 15.50 points.
U.S. stocks advanced for the third straight session on Tuesday on increasing confidence that Greece might be able to put its house in order with the help of fellow euro zone nations.
The Commerce Department is set to release its durable goods orders report, which gives the value of orders placed for goods designed to last for more than 3 years, at 8:30 am ET. Economists expect a 0.2 percent increase in durable goods orders for August following a 4.1 percent surge in July.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended September 23rd at 10:30 AM ET. A report released by the American Petroleum Institute late Tuesday showed that crude oil stockpiles rose by 568,000 barrels in the week ended September 23rd.
Federal Reserve Chairman Ben Bernanke, a FOMC Voting Member, will speak on "Lessons from Emerging Market Economies on the Sources of Sustained Growth" at the Cleveland Clinic Ideas for Tomorrow Speaker Series at 5 pm ET.[Rtt/Fr/D7]
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