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Market Hustle: Stock Futures Push Higher Following S&P 500 Record Close

NEW YORK (TheStreet) -- U.S. stock futures were edging higher Wednesday after another record close for the S&P 500 and ahead of a light day of economic data.

Dow Jones Industrial Average futures were up 24 points, or 24.5 points above fair value, to 16,678. S&P 500 futures were up 3.5 points, or 3.34 points above fair value, to 1,912.75. Nasdaq futures were up 3.5 points, or 3.29 points above fair value, to 3,724.8.

  • Stocks rose Tuesday with the S&P 500 hitting a record closing high amid a raft of positive economic data, including rising consumer confidence and service sector expansion.

  • International markets were flat to higher following the upbeat U.S. data. The FTSE 100 was up 0.01%, the DAX was up 0.05%, the Nikkei 225 closed up 0.24%, and the Hong Kong Hang Seng finished higher by 0.59%.

  • Allergan (AGN) and Valeant Pharmaceuticals (VRX) were both trading incrementally lower. Valeant announced that it is increasing its merger proposal for Allergan by $10 per share to $58.30. Twitter (TWTR - Get Report) was advancing 3.87% after the stock was raised to "buy" from "neutral" at Nomura. "We believe that the market has now priced in the expectation that Twitter remains a niche social media product. We believe risk / reward is much more favorable now ..." noted the Nomura analysts.

  • Toll Brothers (TOL) was popping 4.21% after posting on Wednesday fiscal second-quarter profit of $65.2 million, or 35 cents a share, up from year-earlier earnings of $24.7 million, or 14 cents a share. Michael Kors (KORS - Get Report) was up 2.36% after the company provided optimistic full-year guidance. Michael Kors exceeded quarterly earnings expectations by 10 cents at 78 cents a share as same-store sales jumped more than 26%.

  • Sam Stovall, managing director of U.S. equity strategy at S&P Capital IQ, wrote in a client note that the S&P 500 has regained its bullish bias since June 2013, climbing more than 18%, and is now 13% higher than its pre-taper peak. Yet things are certainly not "back to normal," said Stovall. The yield on the 10-year note is more than 80 basis points above where it was on April 30, 2013, and higher-yielding stocks are still lagging well behind their lower-yielding brethren. "When screening for high-yielding investment candidates, we recommend that investors don't 'yield to temptation' by stretching for income and turning a blind eye to valuations and volatility."

-- By Andrea Tse in New York

S&P 500 Jumps to Record High on Improving Consumer Confidence

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