Stock futures build on "cliff" rally ahead of data
November 29, 2012 11:42 PM EST
Stock futures advanced on Thursday, building on the previous session's steep gains, on expectations of progress toward reaching a fiscal agreement in Washington.
* Markets will continue to focus on discussions in Congress to avoid big spending cuts and tax hikes - dubbed the "fiscal cliff" - and equities may retreat, as they did Tuesday, if the upbeat negotiation environment in Washington shifts.
* Investors await data, including the second estimate of third-quarter gross domestic product, due at 8:30 a.m. ET (1330 GMT). Economists in a Reuters survey forecast a 2.8 percent annualized pace of growth, compared with a 2.0 percent rate in the first estimate.
* The Commerce Department will issue preliminary corporate profits for the third quarter at 8:30 a.m. (1330 GMT). At the same time, the Labor Department will release first-time claims for jobless benefits; 390,000 new filings are forecast, compared with 410,000 in the prior week.
* The yield on Italy's 10-year bonds fell to the lowest in two years at an auction, amid relief that immediate risks over Greece had diminished.
* S&P 500 futures rose 8.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 78 points, and Nasdaq 100 futures added 19.5 points.
* Also due for release Thursday are pending home sales for October at 10:00 a.m. (1500 GMT) and the Federal Reserve Bank of Kansas City November manufacturing survey at 11:00 a.m. (1600 GMT).
* On Wednesday, the Dow Jones industrial average <.DJI> rose 106.98 points, or 0.83 percent, to 12,985.11. The S&P 500 <.SPX> gained 10.99 points, or 0.79 percent, to 1,409.93. The Nasdaq Composite <.IXIC> added 23.99 points, or 0.81 percent, to close at 2,991.78.
(Reporting by Rodrigo Campos; Editing by Bernadette Baum)
Most Popular Slideshows
Join the Conversation
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- NATO: Russia's Been Conducting Too Many Military Flights Over Europe
- Apple iPhone 6 Plus vs Motorola Droid Turbo: Comparsion On Processor, Software And Battery
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight
- ISIS Has Been Equipped With Advanced Anti-Aircraft Missiles
- Samsung Galaxy Note 4 vs Motorola Droid Turbo – S-Pen Is Note’s 4 USP But Droid Turbo Can Outshine With Larger Battery
- 8 Important Things to Consider Before Buying or Upgrading to iPad Air 2