Here are 10 things you should know for Wednesday, Jan. 15:
1.-- U.S. stock futures were higher Wednesday but trimming gains after the World Bank predicted global growth will rise to 3.2% this year from 2.4% in 2013, and after earnings from Bank of America
(BAC) topped estimates.
European stocks were rising. Asian shares finished Wednesday's session mostly higher. Japan's Nikkei 225 index rose 2.5%, a reversal from Tuesday's 3.1% decline.
2.-- The Producer Price Index for December rose 0.4%, while core PPI rose 0.3%, in line with the estimates of economists.
The Empire State Manufacturing Index for January jumped to 12.5.
The release of the Federal Reserve's "Beige Book" for January is scheduled for 2 p.m. EST.
3.-- U.S. stocks on Tuesday bounced back Tuesday, with the S&P 500 garnering its strongest session of the year, as Federal Reserve voting members Richard Fisher and Charles Plosser bolstered confidence in the economic recovery by emphasizing their support for central bank tapering.
The S&P 500 gained 1.08% to close at 1,838.88, the Dow Jones Industrial Average added 0.71% to finish at 16,373.86, and the Nasdaq advanced 1.69% to 4,183.02.
GM also named Chuck Stevens as chief financial officer. Stevens, who was financial chief of GM's North America division, replaces Dan Ammann, who will become the company's president.
GM shares fell 1% to $39.62. 5.-- Bank of America (BAC) posted fourth-quarter earnings of $3.4 billion, or 29 cents a share, compared with year-earlier profit of $732 million, or 3 cents a share.
Analysts polled by Bloomberg expected earnings of 27 cents a share.
Net income for 2013 was $11.4 billion, or 90 cents a share, compared with $4.2 billion, or 25 cents a share, during 2012.
"We enter this year with one of the strongest balance sheets in our company's history," said Bank of America Chief Financial Officer Bruce Thompson in a press release. "Capital and liquidity are at record levels, credit losses are at historic lows, our cost savings initiatives are on track and yielding significant savings, and our businesses are seeing good momentum."
Shares were rising 2.9% to $17.26.
Apple shares were up 1.6% in premarket trading Wednesday at $555.20.
"The new construction is going to be left vacant for now and it will be targeted at future technologies," Mulloy told Reuters. Intel's decision to not open the plant was first reported by the Arizona Republic.
Intel shares rose 0.9% to $26.75 in premarket trading.
Figures released Tuesday by the state Division of Gaming Enforcement showed Atlantic City's casinos won $2.86 billion in 2013, down from just more than $3 billion in 2012. It marked the seventh straight year of plunging gambling revenue for the city, which won $5.2 billion in 2006. -- Written by Joseph Woelfel
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts