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Wall Street heads toward higher open       Send a link to a friend

[September 26, 2007]  NEW YORK (AP) -- Wall Street tipped toward a higher open Wednesday as investors were looking for more signs of economic sluggishness to nudge the Federal Reserve toward another interest rate cut.

Investors will get new data when the Commerce Department releases a reading on durable goods for August. The report will be closely followed after reports Tuesday showed existing home sales stalled in August, and consumer confidence in September remains a worry.

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General Motors Corp. was poised to move higher after the United Auto Workers announced an accord to end a two-day strike. The agreement should lead to production at GM's plants on Wednesday, though it still needs to be ratified by workers.

Dow futures expiring in December rose 32, or 0.38 percent, to 13,900. S&P 500 index futures rose 5.20, or 0.34 percent, to 1,534.10, and Nasdaq 100 Index futures rose 9.25, or 0.44 percent, to 2,106.75.

In corporate news, Nasdaq Stock Market Inc. and Borse Dubai upped their offer to acquire Nordic exchange operator OMX to 265 kronor a share from 230 kronor. The two acquiring stock exchanges also said they secured 47.6 percent stake in OMX, which the latest offer values at $4.9 billion.

Red Hat Inc. shares is expected to rise after the maker of open-source software reported second-quarter profit rose 59 percent and revenue came in ahead of Wall Street projections.

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Bed Bath & Beyond Inc. will reported quarter results during the session, where analysts polled by Thomson Financial project earnings of 52 cents per share.

In European trading, Britain's FTSE 100 rose 0.91 percent, Germany's DAX index rose 0.38 percent, and France's CAC-40 rose 0.74 percent.

In Asia earlier, Japan's Nikkei index rose 0.21 percent and Hong Kong's Hang Seng Index fell 0.46 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 This material may not be published, broadcast, rewritten or redistributed.

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