Stock Futures Point Higher Ahead of Bernanke Testimony as Toll Brothers Jumps
NEW YORK ( TheStreet) -- U.S. stock futures were trading higher Wednesday morning as investors await testimony from Federal Reserve Chairman Ben Bernanke before Congress, and a report is expected to show stronger existing home sales.
Futures for the S&P 500 were up 4 points, or 2.74 points above fair value, to 1,669.5.
At 10 a.m. EDT, Bernanke will testify on the outlook for the U.S. economy and the central bank's bond-buying before the Joint Economic Committee of Congress. Simultaneously, the National Association of Realtors is expected to say that existing-home sales rose in April to a seasonally-adjusted annual rate of 4.99 million from 4.92 million.
Ahead of the housing report, Toll Brothers (TOL), the largest luxury homebuilder in the U.S., provided an earnings report that demonstrated the increasing health of the U.S. housing market. Shares were gaining 5.3% to $37.92 after the homebuilder booked fiscal second-quarter earnings that soared 46%, with earnings per share beating expectations by seven cents at 14 cents a share, driven by stronger sales and increased pricing power given the accelerated demand."We think it is unlikely for him
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