Wall Street ready for a rebound as quarter ends

[March 31, 2009]  NEW YORK (AP) -- Wall Street is set to resume its rise on hopes that it will get more budding signs of economic recovery.

Data being released later Tuesday include the S&P Case-Shiller January home price index, a private research group's March consumer confidence index, and Chicago purchasing managers' index of March business conditions.

Consumer confidence is expected to show slight improvement, and so is the purchasing managers index. But home prices are expected to post another decline.

On the last day of the quarter, Dow Jones industrial futures are up 73, or 1 percent, at 7,553. Standard & Poor's 500 index futures are up 5.90, or 0.8 percent, at 790.20. Nasdaq 100 index futures are up 8.25, or 0.7 percent, at 1,231.

The major indexes dropped about 3 percent Monday as the White House rejected General Motors Corp.'s and Chrysler's turnaround plans, raising the possibility of an automaker bankruptcy.

Before the Dow's two-day pullback, however, the index soared 21 percent in fewer than three weeks. The Dow remains up 14.5 percent from its nearly 12-year low on March 9, but is down 14.3 percent for 2009.

Bond prices were modestly lower in early trading Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.73 percent from 2.72 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, was flat at 0.18 percent.

Crude oil rose $1.09 to $49.50 a barrel in electronic trading on the New York Mercantile Exchange.

The dollar was mostly lower against other major currencies. Gold also fell.

In earnings news, retailer Borders Group Inc. reports quarterly financial results.

Overseas, Japan's Nikkei stock average fell 1.54 percent. In midday trading, Britain's FTSE 100 rose 3.10 percent, Germany's DAX index rose 1.35 percent, and France's CAC-40 rose 1.70 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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