Stock futures up after Dow
clings to 11,000
LONDON (Reuters) -
U.S. stock futures ticked up on Wednesday after the Dow (^DJI - News) managed
to end above 11,000 despite Alcoa's (NYSE:AA - News) disappointing earnings.
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By 1045 GMT, U.S. stock futures were showing gains of
around 0.15 percent for three main indexes (SPH6) (DJH6) (NDH6). Japan's
Nikkei (^N225 - News) closed 1.5 percent higher and Europe's FTSEurofirst 300
index (^FTEU3 - News) was up 0.4 percent.
"The Nikkei is up 200 points and European shares have
clawed back most of the losses from yesterday. Oil isn't doing anything and
the dollar is looking solid so there is little reason for people to be selling
equities at the moment," said Simon Denham at Capital Spreads.
M&T Bank Corp (NYSE:MTB - News) is the latest to post
fourth-quarter earnings while Genentech Inc. (NYSE:DNA - News) will be eyed
after shares in the world's second-largest biotech company slipped after-hours
as quarterly results were in line with analyst estimates.
Shares of Perrigo Co. (NasdaqNM:PRGO - News) rose after the
closing bell after the over-the-counter drug maker said it has received
regulatory approval for a gel used to treat inflammatory skin conditions.
The economic agenda is thin. U.S. oil inventories are due
at 1530 GMT. Analysts expect U.S. supplies of distillate fuels to have risen
by around 2.2 million barrels last week and crude stocks to have slipped by a
modestly.
U.S. February light crude (CLc1) was trading flat at
$63.43.
U.S. energy stocks may also be in focus after news that UK
oil giant BP Plc (London:BP.L - News) continued to feel the aftermath of U.S.
hurricanes in the fourth quarter, with production down on a year ago and over
$1 billion of lost profits and repair bills.
The Dow and S&P 500 stock gauges did end a five-day
winning streak on Tuesday, although the technology-laced Nasdaq extended its
gains for a sixth straight day following an upbeat holiday sales report from
Apple Computer Inc. (NasdaqNM:AAPL - News).
The Dow Jones industrial average (^DJI - News) closed down
0.32 points at 11,011.58. The index finished above 11,000 for the first time
in 4-1/2 years on Monday on hopes the Federal Reserve is close to ending its
interest rate hiking campaign.
The Standard & Poor's 500 Index (^SPX - News) was down
0.46 points, or 0.04 percent, at 1,289.69. The Nasdaq (NasdaqSC:^IXIC - News)
was up 1.63 points, or 0.07 percent, at 2,320.32.
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