Wall Street set to open flat with S&P 500 near record high
By Rodrigo Campos | February 12, 2013 1:14 AM EST
Stocks were set to open little changed on Monday as investor scrambled to find catalysts for trading, while low volume could make trading volatile and exaggerate moves.
Upbeat U.S. and Chinese data last week helped extend the winning streak of the S&P 500 index to six weeks. The benchmark is up 6.4 percent so far this year after a steep rally in January that has stalled as the S&P and Dow industrials near record highs.
No economic data or major earnings reports are scheduled, but Federal Reserve Vice Chair Janet Yellen is due to speak about the economic recovery at 1 p.m.
Technical indicators are "looking very good" and could give the market a floor Monday, according to Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
He said the market will pay attention to Yellen's speech, but he doesn't expect any deviation from her traditionally dovish monetary policy stance.
S&P 500 futures rose 0.6 point but were slightly below 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 29 points, and Nasdaq 100 futures added 1.6 points.
Opposition grew to the $24.4 billion buyout of Dell Inc
(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)
Most Popular Slideshows
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
- Champions League Results: Barcelona Barely Escapes With A Win, Chelsea Fails To Hold On To The Lead [PHOTOS]
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
Join the Conversation
- 2 Reasons Nexus 6 Release Date is Worth the Wait: Android L Data Encryption & Material Design
- Google Release Roundup: New Nexus 6, Nexus 8, Android 5.0 L Launch and Killer Features
- Xperia Z, Xperia ZL, Xperia ZR Android 4.4.4 KitKat Update Guide
- Samsung SM-A500 (aka Wallet-Friendly Galaxy Alpha) Clears TENAA Revealing Images And Specs
- Canada Consumer Alert: Costco No Longer Accepting American Express Cards Starting Jan 1
- Amazon Announces Kindle Fire HD 6, Kindle Fire HD 7 Tablets; Official Release Date Is Oct 2
- Scotland Voted Against Independence, Early Results Indicate