RTTNews - US stocks were looking to carry over positive momentum from the previous session Wednesday morning in New York, as the markets have been cheered by yesterday's encouraging reading on consumer confidence.
As of 6:15 am ET, the Dow Futures were up 45 points, the S&P Futures were up 5 points, the NASDAQ Futures were up 4 points.
Stocks snapped a four-day losing streak Tuesday after the Conference Board's reading on consumer confidence for May improved by far more than expected, reaching its highest level since September. The data generated some optimism about the outlook for consumer spending, which accounts for nearly two-thirds of economic activity.
The Dow closed up 196.17 points or 2.4 percent at 8,473.49, the NASDAQ rose 58.42 points or 3.5 percent to 1,750.43 and the S&P 500 closed up 23.33 points or 2.6 percent at 910.33.
Trading on Wednesday is likely to be impacted by the release of additional housing data from the National Association of Realtors. The trade group will release their report on existing home sales in April at 10 am ET, with sales expected to tick up to a 4.66 million annual rate.
Apparel maker Polo Ralph Lauren Corp. (RL) will dole out fourth-quarter results before market opens, with analysts projecting earnings of $0.40 per share on revenues of $1.09 billion, lower than the previous year's earnings of $1.00 per share and net revenues of $1.24 billion.
Office products supplier Staples Inc. (SPLS) is also likely to showcase its first-quarter results before the market opens. Analysts polled by Thomson Reuters are looking for earnings of $0.21 per share on revenue of $5.82 billion for the quarter.
The United Auto Workers said Tuesday that union members at facilities of automaker General Motors Corp. (GM ) across the country voted unanimously to recommend for changes to the 2007 labor contract between the union and GM, in addition to changes to the Voluntary Employee Beneficiary Association trust for retiree health care. The new plan would reportedly give the union a smaller stake in GM than previously anticipated, with the U.S. government owning about 70% of the company.
Reports out this morning indicated that GM bondholders have rejected the embattled automaker's debt-for-stock offer.
Borders Group, Inc. (BGP), a retailer of books, music and movies, reported wider net loss for the first quarter, hurt by weak sales and non-operating charges. However, excluding charges, the company said net loss for the quarter narrowed.
Asian stocks were mostly positive Wednesday, with Hong Kong stocks jumping more than 5 percent. European shares were slightly stronger in early dealing. The price of oil was up just above $63 a barrel.
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