Skip to main content

Stock futures were signaling a slightly stronger open for Wall Street on Wednesday, a day after the

Dow Jones Industrial Average

recorded the second-highest close in its history.

Futures on the

S&P 500

were up fractionally at 1346.80, about 2 points above fair value. Nasdaq 100 futures were gaining 2 points to 1675.50, even with fair value.

On Tuesday, a positive reading on consumer confidence outweighed a series of profit warnings from corporate America and sent the market higher.

The Dow added 93.58 points, or 0.81%, to 11,669.39 and is now 54 points from its January 2000 best-ever finish. The S&P 500 rose 9.97 points, or 0.75%, to 1336.34, a fresh five-and-a-half-year high, and the

Nasdaq Composite

was up by 12.27 points, or 0.55%, at 2261.34.

Helping matters in recent sessions has been the coming end of the third quarter. Experts say some money managers use the end of the quarter as a time to buy stocks that have been working for the past few weeks in a bid to boost the returns on their portfolios.

After the prior close,

TheStreet Recommends

Jabil Circuit

(JBL) - Get Jabil Inc. Report

offered an upbeat forecast, saying first-quarter revenue should be $3.1 billion to $3.3 billion, above analysts' consensus estimate. The company also said it expects revenue growth of about 20% for fiscal 2007, suggesting a top line of around $12.36 billion.

The same couldn't be said for

Red Hat


, whose shares tumbled in late trading after the Linux software distributor said cash flow and net income dropped sharply in the second quarter and indicated that sales in the third quarter may be slightly below expectations.

Elsewhere, another Vioxx case has been decided, this one in favor of the painkiller's maker


(MRK) - Get Merck & Co., Inc. (MRK) Report

. A federal jury found that the company wasn't responsible for a Kentucky man's heart attack. The case was the 10th to be decided, and the fifth one that Merck has won.

Away from stocks, commodities prices were mostly higher. Crude futures rose 53 cents to $61.54 a barrel. Gold was up $3.70 to $600.80 an ounce, and silver was gaining 24 cents to $11.74 an ounce.

Treasuries were little changed. The 10-year note was flat in price, yielding 4.58%. The dollar advanced against other major world currencies.