IBT Staff Reporter

Stock index futures rose on Wednesday, a day after chipmaker Micron Technology swung to a quarterly profit and as investors awaited data expected to show an improvement in consumer sentiment.

U.S. carmaker Ford said it expected to close a deal to sell Volvo Cars to China's Zhejiang Geely in the second quarter of 2010, in the latest in a string of deals between Asian and Western carmakers.

Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of the talks said on Wednesday, paving the way for the biggest acquisition of a foreign automaker by a Chinese company.

U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.3 percent, Dow Jones futures up 0.25 percent and Nasdaq 100 futures up 0.35 percent.

World stocks rose for a third straight session on Wednesday and the dollar set a two-month peak against the yen after upbeat U.S. housing market data fanned expectations for a solid recovery in the U.S. economy.

Indian and Australian shares led Asian stock markets higher on Wednesday, while oil and gold came under pressure as the dollar held firm thanks to optimism about the U.S. economy.

Asian shares edged higher on Wednesday led by a spurt in Australian stocks to a three-week high, while the U.S. dollar came off highs as traders digested recent steep gains.

Internet marketing company ReachLocal Inc on Tuesday filed for an initial public offering of up to $100 million.

Lawyers for Galleon hedge fund founder Raj Rajaratnam objected on Tuesday to the government's request to schedule his criminal trial ahead of a parallel SEC case, saying the move could compromise the defense's case.

Ford Motor Co and China's Geely are set to report progress as soon as Wednesday in talks to sell Ford's Volvo unit to the Chinese automaker, two people with direct knowledge of the matter said.

Investors are ready to bet big again on superstar hedge fund manager Kenneth Griffin, having told his Citadel Investment Group that they plan to commit $1 billion early next year, people familiar with the matter said.

Just days after countries agreed to a last minute agreement at the UN climate talks in Copenhagen, accusations are beginning to fly over who was responsible for what many consider a poor agreement.

Ballard Power Systems (BLD.TO) will supply Daimler AG (DAIGn.DE) with fuel cell products for the automaker's clean energy car and bus programs, Ballard said on Tuesday.

Two U.S. senators pledged on Tuesday to take up legislation early next year to extend the biodiesel tax credit as it looks likely action will not be taken on it this year.

Mass Layoffs Drop; Boeing's Productivity Push; Obama and Small Bankers

Many U.S. consumers stayed away from malls and headed online to take care of their holiday shopping last weekend as a major snowstorm hit the East Coast, data released on Tuesday showed.

Warren Buffett's Berkshire Hathaway Inc said on Tuesday Comcast Corp Chief Operating Officer Stephen Burke has been elected as a director, helping broaden a board that consists mainly of long-time insiders.

Jamie Jungers, one of Tiger Woods' alleged mistresses, has angrily denied on air that she has nude photos of the professional golfer.

Next year will be crucial for global nuclear non-proliferation efforts and all eyes will be on the United States and Russia to see if the two top atomic powers can reach a deal to reduce their arsenals.

Microsoft Corp., the world's biggest software maker, has been ordered by a federal court to alter its popular Word software or stop selling the product after it lost its appeal of a $200 million patent-infringement verdict won by a Canadian company.

The non-partisan Pulitzer Prize-winning site run by the St. Petersburg Times recently called Sarah Palin's description of health-care the biggest Lie of the Year.

President Barack Obama met with small and community bank CEOs on Tuesday and said he is looking for ways to help reduce their regulatory burdens.

The Philippines national news agency reported Tuesday that fountains of red-hot lava have oozed out from the intensifying Mayon volcano.

SNC-Lavalin Group Inc (SNC.TO) said on Tuesday it had bought an engineering business in Brazil, an acquisition one analyst expects will be followed by others as Canada's biggest engineering company dips into its sizable cash pile.

For most Americans, the U.S. housing market collapsed about four years ago. For three real estate heavyweights, it's just getting started.

Italy dropped plans on Tuesday to black out Internet hate sites despite a pledge for radical measures after fan pages emerged on the Internet last week praising an attack on Prime Minister Silvio Berlusconi.

The S&P 500 logged another 14-month high on Tuesday as stocks rallied on a surge in existing home sales, which indicated more stabilization in housing and boosted optimism about the economic recovery.

The Federal Bureau of Investigation is probing a computer hacking that targeted Citigroup Inc and resulted in the theft of tens of millions of dollars, The Wall Street Journal reported on Tuesday, but the financial institution denied its systems had been breached.

The number of mass layoffs actions by U.S. employers fell in November to the their lowest level in 16 months, government data showed on Tuesday, offering more evidence of labor market stability.