By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 8, 2010 2:19 PM EDT
U.S. stocks advanced in early trade on Wednesday as strong demand for Portugal government bond auction eased some concerns over euro-zone sovereign debt.
The S&P 500 Index was up 14.37 points, or 0.65 percent, to trade at 1,098.70 at 10:14 a.m. EDT. The Dow Jones Industrial Average has advanced 65.39 points, or 0.63 percent, to trade at 10,406.08. The Nasdaq Composite has gained 0.65 percent.
Portuguese government sold 661 million euros of three-year debt and 378 million euros of 10-year bonds successfully on Wednesday.
Investors are waiting for the latest read on the economy from the Federal Reserve Bank’s Beige Book, a report on current economic conditions in each of the 12 Federal Reserve districts covering the entire US, which is due to be released at 14:00 EDT.
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Beige Book is expected to signal the recent weakness in economic activities and probably confirm the Fed’s recent projections for economic growth.
The consumer credit index will be released after market closes and is expected to show deficit widened to $5.5 billion in July compared to previous month's deficit of $1.3 billion.
BP Plc. shares advanced 3.17 percent after the British oil major said a series of complex events, rather than a single mistake or failure, led to the Gulf of Mexico tragedy.
Among the DOW components, Boeing advanced 1.56 percent and Alcoa rose 1.93 percent, while HP and Intel declined 2.05 percent and 1.6 percent, respectively.
The euro advanced 0.43 percent to 1.2737 against the dollar and the yen declined 0.14 percent against the greenback.
Crude oil futures rose 0.36 percent ahead of supply data from American Petroleum Institute and copper futures advanced 0.55 percent. In precious metal sector, gold futures rose 0.18 percent and silver futures advanced 0.73 percent.
Europeans stocks pared earlier losses and are currently trading higher with FTSE 100 up by 15.79 points, DAX30 up by 37.59 points and CAC 40 up by 29.34 points.
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