Source: ADVFN Newsdesk <newsdesk@advfn.co.uk>
This text was copied from the source above mentioned.
The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks getting a boost from the re-emergence of risk appetite. Equities across the global have rallied, with Asia and later the European markets joining the party. The deflationary data from the Eurozone, which offers scope for further easing could provide a shot in the arm. Among domestic data, the private payrolls data from ADP has come roughly in line with expectations. Given the degree of sell-off and lackluster performance in recent sessions, a rebound is on the cards.
U.S. stocks ended a lackluster session on Tuesday mixed, as a rebound in oil prices and hopes of a benign stance by the global central banks supported sentiment even amid fundamental concerns.
The major averages opened higher but saw some volatility in early trading. After advancing steadily in late morning trading, the averages gave back their gains by the mid-session and subsequently showed volatility before closing mixed.
The Dow Industrials ended up 47.24 points or 0.30 percent at 16,049 and the S&P 500 Index edged 2.32 points or 0.12 percent higher at 1,884, while the Nasdaq Composite Index ended at 4,517, down 26.65 points or 0.59 percent.
Twenty-one of the thirty Dow components closed higher, while the remaining nine stocks declined. General Electric (GE), Johnson & Johnson(JNJ), Intel (INTC), McDonald's (MCD), 3M Co. (MMM), UnitedHealth (UNH), United Technologies (UTX) and Visa (V) were among the biggest gainers of the session. On the other hand, Home Depot (HD), Apple (AAPL) and Pfizer (PFE) fell notably.
Among the sectors, biotechnology and housing stocks came under selling pressure, while some strength was visible among commercial real estate stocks.
On the economic front, the S&P/Case-Shiller house price index slipped 0.2 percent month-over-month in July, belying expectations for a 0.1 percent increase. Annually, the 20-city composite house price index climbed 5 percent.
The Conference Board reported that its consumer confidence index unexpectedly rose to 103 in September from 101.3 in August, while economists expected a decline to 96. The present situation index climbed more than 5 points to 121.1, the highest reading since September 2007, while the expectations index slipped 0.6 points to 91.
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