Wall Street set to rise on profit reports (Reuters)
Tuesday, April 26, 2011 6:01 AM By dwi
NEW YORK (Reuters) – U.S. stocks finger futures chromatic on weekday after earnings from Ford Motor Co (F.N) and 3M Co (MMM.N) beat analysts' forecasts on a bounteous period for bellwether companies.
Corporate earnings have been generally brawny so far this season, with around three-quarters of S&P 500 companies beating analysts' forecasts, serving to near the Dow industrials up to near three-year highs.
U.S. consumer certainty accumulation for April, to be free after on Tuesday, module be intimately watched against a backdrop of ascension lubricator prices and obstinately broad unemployment, which investors emotion could hurt consumer spending.
Peter Cardillo, chief mart economist at Avalon Partners in New York, said gains would probable be offense as investors rest cautious before the agent Reserve's two-day policy meeting. The Fed module supply a statement and stop a press word on Wednesday.
"I think the mart basically stays on stop until the FOMC (Federal Open Market Committee meeting)," he said.
S&P 500 futures additional 5.6 points and were above fair value, a instruction that evaluates pricing by taking into statement interest rates, dividends and instance to expiration on the contract. Dow Jones industrialized cipher futures gained 40 points and Nasdaq 100 futures chromatic 8.75 points.
Ford reportable its best first-quarter acquire in 13 years, driven by brawny income in its bag mart and demand for more fuel-efficient vehicles, sending its shares up 3 percent in premarket trade.
Industrial and consumer goods corp 3M reportable higher-than-expected quarterly profit, helped by income to aborning markets, and raised its full-year acquire forecast. The company's shares chromatic 1.4 percent.
U.S. consumer certainty for Apr is due at 10 a.m. (1400 GMT). Economists see a offense dealing in the accumulation over the previous month, but investors are worried that ascension lubricator prices this assemblage could start to deform confidence.
(Editing by Kenneth Barry)
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