This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Rise as Republicans Will Meet Obama

NEW YORK (TheStreet) -- Stock futures were pointing to a stronger open Thursday after
President Barack Obama and House Republicans agreed to meet to discuss a possible deal to fund the government and raise the debt ceiling, allowing for more time for broader fiscal negotiations between.

House Republicans are expected to meet Obama at the White House in the late afternoon on Thursday. Treasury Secretary Jack Lew is expected to urge cooperation in Washington as he appears before the Senate Finance Committee beginning at 8.30 a.m. EDT for testimony on the debt ceiling.

The nomination of Janet Yellen to replace Ben Bernanke as the chief of the Federal Reserve continued to resonate with investors on hopes that her appointment would guarantee a smooth transition at the helm of the central bank and a mild, incremental unwinding of the central bank's massive bond-buying program.

Futures for the S&P 500 were rising 14 points, or  12.6 points above fair value, to 1,662.75. Futures for the Dow Jones Industrial Average were gaining 113 points, or 111.02 points above fair value, to 14,841. Futures for the Nasdaq were up 27.75 points, or 25.76 points above fair value, to 3,160.25.

"Should we see some better than expected earnings, it could provide a nice distraction to the Washington drama," Ryan Detrick, a Cincinnati-based senior technical strategist Schaeffer's Investment Research said in an email. "But in the end, unfortunately I'm not sure earnings will matter as much as solving the budget issues."

Neflix (NFLX - Get Report) shares were jumping 3.78% to $299.40 after Needham analysts initiated coverage of the movie and TV show streaming service with a "buy" explaining that it is the best way to play global broadband growth over the next five years.

Tiffany (TIF - Get Report) was gaining 1.47% to $75 after Sterne Agee upgraded the jewelry stock to "buy" from "neutral" forecasting the company's potential to recapture higher profit margins in the next 18 to 24 months, its growing international presence, and an improvement U.S. business segment following several key executive hires and new product plans.

Must Read: U.S. Stocks Get Caught Between Yellen and the Shutdown

Gilead Sciences (GILD - Get Report) was advancing 4.41% to $61.50 after the Foster City, Calif.-based biopharmaceutical company said that it was able to stop clinical trials of the experimental idelalisib drug after an independent committee said that there was sufficient data to show that the treatment is effective in preventing the progression of illness in chronic lymphocytic leukemia patients who are not fit for chemotherapy.

The market has been deprived of key economic data since the government shutdown began 10 days ago. However, Thursday brought the weekly jobless claims report from the Labor Department. An increase to 374,000 from 308,000 was reported. Economists were expecting an increase to 310,000.

The FTSE 100 in London was rising 1% while the DAX in Germany was gaining 1.35%. The Hong Kong Hang Seng settled down by 0.36% while the Nikkei 225 in Japan finished ahead by 1.12%.

The benchmark 10-year Treasury was down 11/32, raising the yield to 2.705%. The dollar was rising 0.1% to $80.45 according to the U.S. dollar index.

November crude oil futures were up 34 cents to $101.95 a barrel while gold for December delivery was dropping $8.30 to $1,298.90 an ounce.

-- Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.>

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GILD $86.29 0.81%
NFLX $90.83 0.04%
TIF $70.48 0.01%
AAPL $93.12 -0.53%
FB $118.06 0.00%


Chart of I:DJI
DOW 17,700.50 +49.24 0.28%
S&P 500 2,055.36 +4.24 0.21%
NASDAQ 4,731.3310 +5.6920 0.12%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs