Dec 23 2011 |
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US Stock Futures Higher Consumer Spending, Home Sale Data On Tap
Friday, Dec 23, 2011
By Barbara Kollmeyer
U.S. stock-market futures pointed to gains on Friday, with consumer spending and new home sales among data on tap, while volumes are expected to thin out ahead of the long Christmas weekend.
U.S. stock markets will be closed on Monday in observance of the Christmas holiday. Futures for the Dow Jones Industrial Average were recently up 42 points, or 0.3%, to 12145.
Futures for the S&P 500 index rose 4.4 points, or 0.4%, to 1253.50. Nasdaq 100 futures gained 5.5 points, or 0.2%, to 2266.25.
"Reports today should reveal that U.S. personal spending, durable-goods orders and sales of new homes all rose in November, after yesterday's data showed a drop in jobless claims," said Stephen Pope, managing partner at Spotlight Ideas, in emailed comments.
That U.S. economic news had some lingering positive effects for European stock markets on Friday. The Stoxx Europe 600 index was last up 0.7% to 241.47 with oil and drug stocks taking the lead.
Shares of BP PLC ( BP , BP .LN) rose over 1% on rising oil prices.
"Much of this is based on a degree of optimism that U.S. data points are starting to increasingly show that the USA is establishing traction and so should avoid a double-dip recession," said Pope.
Russia's central bank lowered interest rates by 0.25 percentage point to 8% on Friday, the first cut in the refinancing rate in over a year.
Within corporate news, shares of Shutterfly Inc. (SFLY) could be active after the Internet-based publishing-services provider cut its estimate of fourth-quarter sales and pretax profit. The company's president and chief executive officer, Jeffrey Housenbold, cited an uncertain economy and sharper discounts by rivals during the holiday season.
Shares of Mead Johnson Nutrition Co. (MJN) could see pressure. The shares fell 10% in after-hours trading on Thursday. Wal-Mart pulled the company's Enfamil Newborn baby formula from its shelves after the death of an infant who had consumed the product.
Shares of Rambus Inc. (RMBS) could be in focus. Shares jumped more than 5% in late trading after the company announce a patent-license agreement with Broadcom Corp. (BRCM).
Among commodities, light, sweet crude oil for February delivery rose 18 cents to $99.71.
Gold futures for February delivery fell 50 cents to $1,610.10 a barrel.
The dollar index was recently at 79.829, down from 79.929 in late North American trade on Thursday.
-By Barbara Kollmeyer; 34 91 395 8131; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 23, 2011 06:08 ET (11:08 GMT)
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