Stock Futures Indicate 'Santa' Rally Losing Steam
NEW YORK ( TheStreet) -- Only three trading sessions left in 2013 but the "Santa Claus" rally, which propelled the Dow Jones Industrial Average to a record closing high on Thursday, is looking as if it may be running out of juice.
- Futures for the S&P 500 were falling on Friday, losing 0.09% to 1,834.80. The Dow had shed 0.04% to 16,415, while Nasdaq futures were off 0.01% to 3,581.50.
- Even so, the equity markets look to be closing in on a stellar year, bolstered by ongoing Federal Reserve stimulus and the return of a robust U.S. economy. Year to date, the Dow has soared 25.76%, the S&P 500 gained 29.16% and the Nasdaq popped 38.01%.
- Global markets are ending the week on a high, with the FTSE 100 0.6% higher, France's CAC 40 adding 0.95% and Germany's DAX up 0.76%.
- European markets were strengthened on the announcement the European Central Bank and Bank of England will leave interest rates at record lows for the foreseeable future.
- A computer glitch on Thursday sparked an unintentional sale on Delta's (DAL) website, offering flights as low as $12.83. The airline said it would honor the discounted tickets sold.
- Textron (TXT) has added 2.2% to $37 in pre-market trading on the news it has agreed to pay $1.4 billion to acquire Beechcraft. The acquisition will see Textron, a relatively small plane maker, rapidly expand its manufacturing portfolio including the addition of Cessna planes and Bell helicopters.
- China's quality control group, the General Administration of Quality Supervision, Inspection and Quarantine, said Friday it would recall more than 1.46 million General Motors (GM) vehicles beginning Monday. The U.S. automaker, and its Chinese partner SAIC Motor Corp, are to recall inventory with defective fuel-pump brackets. After gaining 1.6% on Thursday, GM stock has shed 0.24% to $41.42 before the bell.
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