|
 Further, there is lingering concern that the third quarter might have severely trimmed corporate earnings power. This is the last trading day of a period that saw a wide credit market disruption that pulled stocks sharply lower after the Dow Jones industrial average hit 14,000 in mid-July.
On Thursday, stocks staged a moderate advance as investors mined economic data for any clues about whether policymakers might be inclined to lower rates again. The Fed cut rates by a half-point last week, a move that triggered a rally in stocks.
Dow futures expiring in December fell 39, or 0.29 percent, to 13,966. Standard & Poor's 500 index futures fell 4.60, or 0.30 percent, to 1,540.00, and Nasdaq 100 Index futures fell 9.50, or 0.45 percent, to 2,112.25.
Government data out is expected to show personal income grew at a slower pace in August, but rose increased for the fourth straight month, while spending on goods and services also gained. The Commerce Department will release the two indicators at 8:30 a.m. EDT.
A revised report on September consumer sentiment is expected to show
American spending moods were roughly unchanged, but tilting slightly higher
than a preliminary reading indicated. A final version of the
Reuters/University of Michigan index of consumer sentiment is scheduled to
be released at 10 a.m. EDT.
Investors will also parse a report that measures Midwest business
activity released by the National Association Purchasing Management in
Chicago. It is expected to show the regional economy grew in September at
the same pace as the previous month; the report is considered a precursor to
the national Institute for Supply Management report due out Monday.
[to top of second column] |
In corporate news, Accenture Ltd. said fourth-quarter profit fell 8.6
percent.
Freddie Mac, the nation's second-largest financer of home mortgages, said
late Thursday it's paying a $50 million fine to settle civil securities
fraud charges brought by federal regulators in a four-year accounting lapse.
Oil prices rose back above $83 a barrel sparked by a decline in crude
inventories at a key Oklahoma terminal. A barrel of light sweet crude rose
29 cents to $83.17 in premarket trading on the New York Mercantile Exchange.
In European trading, Britain's FTSE 100 fell 0.62 percent, Germany's DAX
index fell 0.18 percent, and France's CAC-40 fell 0.35 percent.
In Asia earlier, Japan's Nikkei index fell 0.28 percent and Hong Kong's
Hang Seng Index rose 0.29 percent.
[Associated Press; by Joe Bel
Bruno]
Copyright 2007 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
 |
