LATEST NEWS
[NC] Nacco Q4 net loss $428.2M vs $51.9M profit
INDICATIONS
Futures point to day four of gains for Dow
By Barbara Kollmeyer, MarketWatch
Last update: 6:09 a.m. EDT March 13, 2009Comments: 15
MADRID (MarketWatch) -- U.S. stock futures were indicating a stronger start for Wall Street on Friday, which would mark four days of gains in a row, in a quiet day for corporate news and little economic data on which to focus.
S&P 500 futures rose 4.1 points to 752.5 and Nasdaq 100 futures rose 3.2 points to 1,163. Dow industrial futures rose 39 points to 7,155.
The Dow Jones Industrial Average closed up nearly 240 points to 7,170 on Thursday, marking its first three-day advancing streak since the end of January as investors flowed into bank stocks like Bank of America, Citigroup and JP Morgan Chase. The Standard & Poor's 500 index rallied 29.38, or 4.1%, to 750.74. The Nasdaq Composite tacked on 54.46, or 4%, to 1426.10.
"Upbeat comments from the CEO of Bank of America may well offer further support to beleaguered financials as we approach the weekend break and although there's nothing of note on the domestic economic calendar, pointers such as Euro-zone retail sales and the Michigan confidence numbers both have the potential to provide momentum on a wider basis," said Matt Buckland, dealer at CMC Markets.
Bank of America (BAC:
5.85, +0.92, +18.7%) Chief Executive Ken Lewis said Thursday the bank expects to record more than $100 billion in revenue and $50 billion in profit, before taxes and provisions this year, and that it was profitable in January and February.
Bank of America was up about 5% in preopen trade. Also higher were shares of JP Morgan (JPM:
23.20, +2.80, +13.7%) and Credit Suisse (CS:
25.29, +1.48, +6.2%) .
Time Warner (TWX:
8.32, +0.40, +5.1%) may be in focus, after the media giant said late Thursday that Randy Falco, chairman and chief executive of its AOL unit, is to leave.
Economic data on the calendar for Friday include trade balance data for January, import prices for February and consumer sentiment for March.
Crude futures were down 25 cents to $46.78 a barrel. The International Energy Agency on Friday revised down its forecast for 2009 global oil demand by around 300,000 barrels a day to 84.4 million barrels a day, roughly a 1.5% fall on an annual basis.
The euro was firmer against the dollar at $1.2908 and the dollar was up slightly against the Japanese yen at 98.22.
Gold futures were down $3.20 to $920.80, on the heels of a two-day rally which tracked stocks and oil higher. Mining shares such as BHP Billiton (BHP:
40.79, +0.09, +0.2%) (UK:BLT: news , chart , profile ) and Anglo American (AAUK:
7.88, 0.00, 0.0%) (UK:AAL: news , chart , profile ) were firmer in preopen trade.
Thursday's U.S. rally inspired overseas markets. Europe stocks were higher, with banks and oil producers leading a broad-based advance. Most Asian markets advanced to end the week on a buoyant note, with financials pacing the advance. The Nikkei soared 5.2% for its biggest one-day percentage gain since mid-December.
[NC] Nacco Q4 net loss $428.2M vs $51.9M profit
INDICATIONS
Futures point to day four of gains for Dow
By Barbara Kollmeyer, MarketWatch
Last update: 6:09 a.m. EDT March 13, 2009Comments: 15
MADRID (MarketWatch) -- U.S. stock futures were indicating a stronger start for Wall Street on Friday, which would mark four days of gains in a row, in a quiet day for corporate news and little economic data on which to focus.
S&P 500 futures rose 4.1 points to 752.5 and Nasdaq 100 futures rose 3.2 points to 1,163. Dow industrial futures rose 39 points to 7,155.
The Dow Jones Industrial Average closed up nearly 240 points to 7,170 on Thursday, marking its first three-day advancing streak since the end of January as investors flowed into bank stocks like Bank of America, Citigroup and JP Morgan Chase. The Standard & Poor's 500 index rallied 29.38, or 4.1%, to 750.74. The Nasdaq Composite tacked on 54.46, or 4%, to 1426.10.
"Upbeat comments from the CEO of Bank of America may well offer further support to beleaguered financials as we approach the weekend break and although there's nothing of note on the domestic economic calendar, pointers such as Euro-zone retail sales and the Michigan confidence numbers both have the potential to provide momentum on a wider basis," said Matt Buckland, dealer at CMC Markets.
Bank of America (BAC:
5.85, +0.92, +18.7%) Chief Executive Ken Lewis said Thursday the bank expects to record more than $100 billion in revenue and $50 billion in profit, before taxes and provisions this year, and that it was profitable in January and February.
Bank of America was up about 5% in preopen trade. Also higher were shares of JP Morgan (JPM:
23.20, +2.80, +13.7%) and Credit Suisse (CS:
25.29, +1.48, +6.2%) .
Time Warner (TWX:
8.32, +0.40, +5.1%) may be in focus, after the media giant said late Thursday that Randy Falco, chairman and chief executive of its AOL unit, is to leave.
Economic data on the calendar for Friday include trade balance data for January, import prices for February and consumer sentiment for March.
Crude futures were down 25 cents to $46.78 a barrel. The International Energy Agency on Friday revised down its forecast for 2009 global oil demand by around 300,000 barrels a day to 84.4 million barrels a day, roughly a 1.5% fall on an annual basis.
The euro was firmer against the dollar at $1.2908 and the dollar was up slightly against the Japanese yen at 98.22.
Gold futures were down $3.20 to $920.80, on the heels of a two-day rally which tracked stocks and oil higher. Mining shares such as BHP Billiton (BHP:
40.79, +0.09, +0.2%) (UK:BLT: news , chart , profile ) and Anglo American (AAUK:
7.88, 0.00, 0.0%) (UK:AAL: news , chart , profile ) were firmer in preopen trade.
Thursday's U.S. rally inspired overseas markets. Europe stocks were higher, with banks and oil producers leading a broad-based advance. Most Asian markets advanced to end the week on a buoyant note, with financials pacing the advance. The Nikkei soared 5.2% for its biggest one-day percentage gain since mid-December.
