Futures Gain After Portugal Bond Sale
NEW YORK (TheStreet) -- Stock futures rose Wednesday as Portugal's bond auction saw strong demand, lifting global stocks.
Futures for the Dow Jones Industrial Average were up by 58 points, or 57 points above fair value, at 11,674. Futures for the S&P 500 were higher by 8 points, or nearly 8 points above fair value, at 1278, and Nasdaq futures were ahead by 13 points, or 11 points above fair value.
Stocks advanced Tuesday as European debt concerns eased and fourth-quarter reporting season got off to a promising start.Portugal sold €1.25 billion ($1.62 billion) of debt securities in an auction that saw a strong demand helping to alleviate persistent concerns about the European Union's ability to contain its debt crisis. Hong Kong's Hang Seng jumped 1.5% and Japan's Nikkei added 0.02%. London's FTSE was gaining 0.5% and the DAX in Frankfurt was up by 1.5%. The Department of Labor said export prices rose by 0.7% in December and import prices jumped 1.1%. Excluding agriculture, export prices grew 0.6%, compared with growth of 0.8% in November, and import prices, excluding oil, rose 0.4% after rising previous growth of 0.8%. At 2 p.m., the Federal Reserve will release its report on economic conditions based on anecdotal evidence from across the Fed's 12 districts. The beige book will be used as a reference at the Federal Open Market Committee's next monetary policy meeting on Jan. 25-26. At the same time, the U.S. Treasury Department will release its monthly budget report for December. According to Briefing.com, economists are expecting a deficit of $80 billion, from $91.4 billion, previously. At 10:30 a.m., the Energy Information Administration will issue its weekly read on energy inventories. In the week ended Jan. 7, crude oil supplies are expected to decline by 300,000 barrels, according to a Platts survey of analysts. Cliffs Natural Resources (CLF)agreed to acquire Canada's Consolidated Thompson Iron Mines for $4.95 billion. Cliffs shares were down 1.1% to $84.05 during the premarket trading session.
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