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Market Update

Stock futures in narrow range ahead of opening

02/10/10 09:07 EST

NEW YORK -Stock futures rose but were down from their highs Wednesday while investors waited for details about a potential rescue package for Greece.

Officials said the European Union member nations have made no final decisions about how to help the debt-burdened country, but talks are continuing. Stocks surged Tuesday as investors expected Greece would get help. The Dow Jones industrial average rallied more than 150 points.

Major European markets all rose Wednesday.

EU leaders and Jean-Claude Trichet, the president of the European Central Bank, are scheduled to meet Thursday to discuss the economic health of nations that use the euro.

Markets have dropped in recent weeks over concerns that debt problems in Greece, Spain and Portugal would spread and upend a global economic recovery. A bailout for Greece raises hopes that European officials will take additional steps to contain debt worries in other countries.

Ahead of the opening bell, Dow Jones industrial average futures rose 7, or 0.1 percent, to 10,011. Standard & Poor's 500 index futures rose 0.30, or less than 0.1 percent, to 1,066.50, while Nasdaq 100 index futures rose 1.75, or 0.1 percent, to 1,753.75.

Investors were also awaiting congressional testimony from Federal Reserve Chairman Ben Bernanke about how the Fed plans to unwind stimulus measures without sending the nation back into recession. The measures were launched in recent years to help boost economic growth during the recession.

Separately, the government said the trade deficit surged to a larger-than-expected $40.18 billion in December as a rebounding economy pushed up demand for imports. For the entire year, the deficit totaled $380.66 billion, the Commerce Department report. That's the smallest imbalance in eight years. However as the economy continues to recover and demand for goods grows, it is expected to continue to grow.

Among corporate earnings, The Walt Disney Co. reported fiscal first-quarter profit after the market closed Tuesday that beat analysts' expectations.

Stocks rallied sharply Tuesday. The Dow jumped 1.5 percent, its biggest percentage gain since early November. Both the S&P 500 and Nasdaq composite indexes rose more than 1 percent.

European debt problems were the latest in a string of concerns that sent the market retreating over the past four weeks after a furious 10-month rally. China's plans to curtail economic growth to avoid speculative bubbles and President Barack Obama's calls to limit trading by large financial institutions dragged stocks lower in recent weeks.

Meanwhile, bond prices rose modestly on Wednesday after a big sell-off a day earlier. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.63 percent from 3.65 percent late Tuesday.

The dollar mostly rose against other major currencies, while gold prices was trading in a narrow range.

Overseas, Britain's FTSE 100 rose 0.7 percent, Germany's DAX index gained 0.9 percent, and France's CAC-40 climbed 1 percent. Japan's Nikkei stock average rose 0.3 percent.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
COMMENTS ( 25073 )
Page 1 of 5015 1 2 3 4 5 6 7 8 9 10 Next >>
mornewz
9:01AM Feb 10 2010 
Goldman Sachs should buy Greece. Government of the corporation, by the corporation and for the corporation.
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DeFeliceP
8:48AM Feb 10 2010 
Oil is rising because of global demand. Growth in China & India is part of the reason. Iran, an oil exporter, will soon be an oil importer. We are at peak oil and cannot output anymore than we are now despite what you're being told. This comes from very credible sources. Just think that for every 1,000 people, USA has 800 cars. For every 1,000 people in China, they have 30 cars. They have no where to go but up and that kind of growth demands much more oil and commodities. Oil will continue to rise thus putting another damper on the economy.
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ERink91321
8:40AM Feb 10 2010 
This has Nothing to do with Greece " Bailouts " or Corporate profits, rather it has to do with Government and Wall street Number Twiddling. The Gov has been providing wall street basicaly with Worthless printed Cash and IOUs and Wall street Artificialy Twiddles the numbers up to make everything Seem ok while Wall ************* runs a Big deficit Ponzi game. I left the Markets a few years ago and am glad I did. I sleep better now
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Itacurubi
11:35PM Feb 9 2010 
theycallmeroy1
6:24PM Feb 9 2010
Grape- Pretty-Pretty-Pretty- Good! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Ah! It's Larry David.
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Itacurubi
11:33PM Feb 9 2010 
Hhg65
10:30PM Feb 9 2010
The market is about to tank with the fear on Europe and China's bubble about to burst. The Chinese are trying to cover up the seriousness of the collapse of their economy in the near future. Why do you think the Chinese government is so desperate as to curb bank lending?>>>>>>>>>>>>>>>>>>>>>>>>>>

For precisely the reasons that they claim. Their economy is simply too overheated; they do not want more inflation; they do not want more leverage. We should worry if they don't limit credit, not if they do.
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Page 1 of 5015 1 2 3 4 5 6 7 8 9 10 Next >>
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