Major index futures posted gains Friday in thin post-Christmas trading
U.S. stocks were indicated to open higher Friday as major index futures rose in premarket commercial. Trading was expected to be slow on the sunlight after Christmas. Most Asian and European markets were closed for the holidays.
S&P MarketScope notes that the U.S. market is seeing some yearend portfolio adjusting.
While some observers say a “Santa Claus” rally is underway, many others are skeptical as the 2009 economic outlook is grim. Various trade groups reported Christmas deal out in small portions sales were rigorously appear gloomy. Many are looking for post-Christmas sales to boost 2008 results, according to S&P.
Bonds were higher with yields downward to record lows as the Federal Reserve tries to pump up the U.S. banking system. The volatile dollar table of contents was up a bit. Gold futures were higher. Oil futures were higher back their recent slump.
On Wednesday, the 30-stock Dow Jones industrial average polished higher by 48.99 points, or 0.58%, at 8,468.48. The broader S&P 500 index added 4.99 points, or 0.58%, to 868.15. The tech-heavy Nasdaq composite index was up 3.36 points, or 0.22%, at 1,524.90.
Among stocks in the recent accounts Friday, the GMAC Financial Services one of General Motors (GM) said its application to become a brim holding company under the Bank Holding Company Act of 1956, as amended, has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Dept. of Financial Institutions (UDFI) to convert to a state bank. As a knoll holding company, GMAC will have expanded opportunities for funding and paroxysm to capital, which will make provision increased suppleness and stability.
Osteotech Inc. (OSTE) said that, during an inspection of bestower; donator recovery sites in Bulgaria by French regulatory agency Afssaps in November, 2008, deficiencies were identified in the maintenance of records related to six donors. As a preventive measure, the company has temporarily suspended distribution of allograft accumulation grafts processed from structure recovered by its one, TB OsteoCentre Bulgaria EAD (OCBG). Also, in cooperation with Afssaps, Osteotech has recalled 37 new OCBG related tissue grafts previously distributed in France.
In other U.S. markets Friday, the 10-year Treasury note was higher in value at 114-06/32 for a surrender of 2.153%, while the 30-year bond was higher at 138-25/32 for a yield of 2.606%.
The dollar index was higher at 80.80.
West Texas Intermediate crude oil futures were higher at $36.22 per barrel.
February gold futures were higher at at $850.60 per ounce.
Original text: http://www.businessweek.com/investor/content/dec2008/pi20081226_677847.htm?campaign_id=rss_null
