Wall Street Points Higher Ahead of Data

By Madlen Read

NEW YORK -- Wall Street headed for a moderately higher open Tuesday, regaining its upward momentum ahead of a fresh round of readings on the service sector, factory orders and pending home sales.

Investors expect the data to show more deterioration in the economy, but they are hoping the pace of the declines will be more moderate. The market is eager for signs that the U.S. recession will end this year.

The Institute for Supply Management's December index of non-manufacturing activity is due at 10 a.m. EST, as are the Commerce Department's report on November factory orders and the National Association of Realtors' November index of pending sales of existing homes. ...