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5-Day Forecast
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Tuesday, January 6, 2009
24-Hour News Business |
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Wall Street looks to extend gains
By JOE BEL BRUNO -- AP Business Writer (Published March 11‚ 2008) NEW YORK (AP) Wall Street looked to extend its gains Wednesday as investors overseas applauded the move by the Federal Reserve and other central banks to pump more liquidity into distressed financial markets. The tone in markets around the world was clearly improved after investors sent stocks sharply higher on Tuesday, including a 416-point surge in the Dow Jones industrials, their biggest one-day point gain since 2002. Most Asian and European markets rose more than 1.5 percent on Wednesday. The Fed said it plans to lend Treasurys in exchange for mortgage-backed securities and other battered debt that all but collapsed in the subprime mortgage crisis. Global financial institutions have written down almost $200 billion due to the credit crisis, and big U.S. investment banks next week are expected to report more losses when they issue first-quarter results. But, Wall Street's big gains might be short lived given the market's volatility in the past few weeks. And rattled investors might use recent gains to sell and take profits. Investors still remain cautious about economic data due out later this week, and what the Fed will do when it meets Tuesday. While Wall Street seems to want the Fed to cut interest rates further, there are also concerns that this won't be enough to help the economy. Dow futures rose 26, or 0.32 percent, to 12,215. Standard & Poor's 500 futures were up 4.60, or 0.35 percent, at 1,328.50, while the Nasdaq 100 futures added 8.25, or 0.47 percent, to 1,758.75. In corporate news, Take-Two Interactive Software Inc. may advance after the company predicted profitability with the April release of its flagship "Grand Theft Auto IV" game. The company is in the midst of a $2 billion takeover bid by rival Electronic Arts Inc. Caterpillar Inc. might move higher after the heavy equipment maker raised its sales forecast for 2010 by 20 percent, exceeding analysts' expectations. Overseas, Japan's Nikkei 225 stock average rose 1.60 percent, while Hong Kong's market closed up 1.86 percent higher. In afternoon trading, Britain's FTSE-100 rose 1.42 percent, Germany was up 1.84 percent, and France added 2.06 percent. |
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