Stocks point to mixed open ahead of G-7 meeting

[February 13, 2009]  NEW YORK (AP) -- Investors are far from shrugging off their anxieties about the economy, but are growing confident that more details will emerge soon about government efforts to revive it.

Stock futures traded mixed ahead of the market's open Friday, with investors hopeful that economic leaders from the United States, Canada, Japan and other industrialized nations will come up with clear, specific ways to repair the global financial system at their meeting this weekend.

The market was also held afloat by news late Thursday that the U.S. administration is stepping up efforts to help distressed homeowners. Two people briefed on the plan told The Associated Press the administration would lower mortgage rates for borrowers on the verge of foreclosure. They spoke on condition of anonymity because the details were not yet complete.

Earlier this week, stocks took a tumble after U.S. Treasury Secretary Timothy Geithner revealed plans to assess financial institutions' health and remove their toxic assets with the help of private investors -- but gave few details about how the process would work. The market did not respond enthusiastically, either, to the $789 billion economic stimulus plan agreed to by Congress.

Dow Jones industrial average futures fell 22, or 0.28 percent, to 7,915. Standard & Poor's 500 index futures rose 1.00, or 0.12 percent, to 836.40, while Nasdaq 100 index futures rose 5.50, or 0.44 percent, to 1,250.75.

Bond prices were mostly lower. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.82 percent from 2.79 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.30 percent from 0.28 percent.

The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude rose 6 cents to $34.04 a barrel in premarket electronic trading on the New York Mercantile Exchange, after falling to its lowest price this year on Thursday.

Overseas, Japan's Nikkei stock average rose 0.96 percent. In midday trading, Britain's FTSE 100 rose 1.37 percent, Germany's DAX index rose 1.50 percent, and France's CAC-40 rose 2.12 percent.

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On the Net:

New York Stock Exchange: http://www.nyse.com/

Nasdaq Stock Market: http://www.nasdaq.com/

[Associated Press; By MADLEN READ]

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