LDN - Business

Sponsored by: Investment Center & Richardson Repair

Something new in your business? Click here to submit your business press release

Wall Street points to higher open Send a link to a friend

[August 08, 2007] NEW YORK (AP) -- Stock futures rose Wednesday as investors shook off disappointment about the Federal Reserve's failure to lean toward an interest rate.

Investors initially reacted poorly to the Fed's economic assessment, which maintained the central bank's stance that inflation remains its primary concern. Wall Street had hoped the Fed might indicate some inclination to cut rates because of an increasingly difficult credit market. But investors also seemed assuaged by the Fed's forecast for moderate economic growth.

Chamber Corner
Main Street News
Job Hunt | Classifieds

Calendar | Illinois Lottery Tech News Elsewhere (fresh daily from the Web)

Business News Elsewhere (fresh daily from the Web)

Futures traders appeared to give little weight to a Wednesday report from Toll Brothers Inc. that showed home building revenue fell 21 percent in the fiscal third quarter, according to preliminary results. The company said net signed contracts slid 31 percent over the same period, while its cancellation rate increased from the second quarter.

Wall Street may also look for cues from corporate earnings reports. Wireless provider Sprint Nextel Corp. said second-quarter profits dropped sharply on slightly higher revenue and higher costs. Also expected to report Wednesday were Cablevision Systems Corp. and the Liberty Media Corp. Cisco Systems Inc. reported strong earnings after the closing bell on Tuesday. The supplier of computer networking equipment said profit jumped 25 percent in its fiscal fourth quarter and raised its revenue forecast for fiscal 2008.

Insurance giant American International Group was scheduled to release second-quarter results after the market close.

Dow Jones industrial average futures expiring in September rose 41, or 0.3 percent, to 13,589.00. Standard & Poor's 500 futures added 6.10, or 0.41 percent, to 1,488.50. Nasdaq 100 futures rose 11.50, or 0.58 percent, to 1,985.50.

[to top of second column]

The yield on the 10-year note was quoted at 4.81 percent in early morning trading, up from 4.77 percent late Tuesday.

Overseas, European markets climbed modestly ahead of the open of the U.S. markets. London's FTSE 100 gained 0.70 percent, Germany's DAX index rose 0.62 percent, while France's CAC-40 rose 0.92 percent.

In commodities, gold futures fluctuated in electronic trading ahead of the open of the New York Mercantile Exchange.

Crude oil prices dipped premarket ahead of Wednesday's government report on petroleum inventories. Market analysts expect to see a draw on oil stockpiles, as refineries raise their output of gasoline.

The dollar fell against the euro, British pound and other major world currencies.

[Associated Press; by Lauren Villagran]

< Recent articles

Back to top