{"id":281998,"date":"2011-02-25T12:59:12","date_gmt":"2011-02-25T12:59:12","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/25\/stocks-set-to-open-higher-after-3-day-rout\/"},"modified":"2011-02-25T12:59:12","modified_gmt":"2011-02-25T12:59:12","slug":"stocks-set-to-open-higher-after-3-day-rout","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/25\/stocks-set-to-open-higher-after-3-day-rout\/","title":{"rendered":"Stocks set to open higher after 3-day rout"},"content":{"rendered":"

\"premarkets\"<\/a>Click chart for more premarket data<\/b><\/span>
\nBy CNNMoney staff<\/span>February 25, 2011: 7:59 AM ET<\/span>
<\/p>\n

NEW YORK\u00a0(CNNMoney) — U.S. stocks were set for a higher open Friday, as oil prices edged up, and investors awaited the latest reading on the health of the U.S. economy.<\/p>\n

<\/p>\n

On Thursday, stocks rebounded<\/a> from afternoon lows and finished with small losses, as oil prices retreated from two-year highs above $100 a barrel<\/a>.<\/p>\n

“You might get a little bit of a relief rally, because oil prices are hovering around the $96 to $97 [per barrel] range,” said Peter Cardillo, chief market economist for Avalon Partners. “We’re looking at stable commodity prices.”<\/p>\n

All three major indexes are on track for their worst week since August. Despite the pullback, stocks are still higher for the month of February and the year. <\/p>\n

The Dow has posted losses for three consecutive sessions, losing 285 points this week, or 2.5%. Monday and Tuesday’s plunges were the first back-to-back triple-digit declines since June. <\/p>\n

“We’ve seen a pullback in oil prices and there seems to be a direct correlation in the last couple days between stock prices and oil prices,” said Mark Luschini, chief investment strategist for Janney Montgomery Scott. <\/p>\n

The biggest catalyst for even higher oil prices would be “if turmoil in the Middle East pours into another more strategic country, like Saudi Arabia<\/a>,” he said.<\/p>\n

Economy:<\/b><\/a> Wall Street will get a second reading on U.S. fourth-quarter gross domestic product Friday morning. Economists expect GDP to come in slightly higher, at 3.3% growth from the prior reading of 3.2%.<\/p>\n

A final read on February’s University of Michigan consumer sentiment survey also is on the docket. The index is expected to remain unchanged at 75.1.<\/p>\n

Companies<\/b><\/a>: Shares of Boeing (BA<\/a>, Fortune 500<\/a>) were 5% higher in premarket trading, after the aerospace company won a $35 billion contract from the Air Force<\/a> late Thursday.<\/p>\n

Bailed-out insurer AIG (AIG<\/a>, Fortune 500<\/a>) posted an $11 billion profit<\/a> for the fourth quarter, and $10 billion in earnings for the full year. Shares were up slightly in premarkets.<\/p>\n

JC Penney (JCP<\/a>, Fortune 500<\/a>) rounds out a retail-heavy week of quarterly results when it reports its earnings before the market open. Analysts surveyed by Thomson Reuters are looking for the department store chain to earn $1.08 a share.<\/p>\n

World markets:<\/b><\/a> European stocks rose in morning trading. Britain’s FTSE 100 edged higher 1%, the DAX in Germany ticked up 0.5% and France’s CAC 40 gained 1.5%.<\/p>\n

Asian markets ended the session mostly higher. The Shanghai Composite was flat, while the Hang Seng in Hong Kong rose 1.8% and Japan’s Nikkei added 0.7%.<\/p>\n

Currencies<\/b><\/a> and commodities:<\/a><\/b> The dollar gained strength against the euro and the British pound but slipped against the Japanese yen.<\/p>\n

Oil for April delivery gained 50 cents, or 0.5%, to $97.77 a barrel. <\/p>\n

Motorists are feeling the spike. The nationwide average price for gasoline<\/a> rose nearly 6 cents overnight, according to AAA. This means that prices have jumped nearly 12 cents this week.<\/p>\n

Gold futures for April delivery fell $10.80, or 0.8%, to $1,405 an ounce. <\/b><\/p>\n

Bonds<\/b><\/a>:<\/b> The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.46% from 3.42% late Thursday. \u00a0\"To<\/a><\/p>\n


\n<\/p>\n

First Published: February 25, 2011: 7:36 AM ET<\/p>\n

<\/div>\n<\/p>\n

<\/p>\n

Continue reading here:
\nStocks set to open higher after 3-day rout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Dow Jones industrial average (INDU<\/a>), S&P 500 (SPX<\/a>) and Nasdaq (COMP<\/a>) futures were higher ahead of the opening bell. Futures measure current index values against perceived future performance.<\/p>\n