Stock Futures Rise on China's Pledge to Europe
NEW YORK ( TheStreet) -- U.S. stock futures were rising Wednesday after reports said China might invest in Europe's bailout funds.
Futures for the Dow Jones Industrial Average were up 47 points, or 45.7 points above fair value, at 12,887. Futures for the S&P 500 were up 5.5 points, or 5.5 points above fair value, at 1353. Futures for the Nasdaq were up 12 points, or 13.4 points above fair value, at 2588.
Finance ministers in Europe continue to demand more from Greece before they release $170 billion more of bailout aid. The country is on track to receive further aid, although Greece's creditors canceled a meeting originally scheduled for Wednesday in Brussels because of lack of assurance on whether Greece will stick an austerity plan passed this weekend. The ministers will hold a teleconference instead.
Meanwhile, the People's Bank of China has said that China may be able to help Europe through the central bank and its sovereign bailout fund, according to a report from Bloomberg.Germany's DAX was up 1% while London's FTSE was up 0.2%. Japan's Nikkei Average settled up 2.3% and Hong Kong's Hang Seng gained 2.1%. In U.S. economic data, the Empire State manufacturing index for February came in at 19.53, beating the expectation for 15, according to the consensus by Thomson Reuters, rising from 13.5 in January. At 9:15 a.m., industrial production probably rose 0.1% in January, adding to a 0.4% in the previous month, while capacity utilization probably came in at a reading of 78.2 after 78.1 in the prior month. At 10 a.m., the National Association of Housing Builders releases its housing market index for February, which is expected to edge up to 26 after a reading of 25 in the prior month. The index registered at its best reading in four and a half years this January, stringing together four straight gains. The Federal Reserve releases notes from its last open market committee meeting at 2 p.m. Investors will be looking for any signs of a third round of quantitative easing. Speculation that the Fed will introduce more stimulus may be underpinning some of this year's rally.
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