Veterans Day Morning Outlook!
First we at InvestorsLive would like to solute our heroes, past present and future who wear the uniform of the United States, allowing us to go about our everyday lives. While banks and the Federal Reserve are closed in observance of Veteran’s Day, Wall Street is open for business. The major averages look to rebound from their worst week since June. Futures are edging higher in what should be a relatively quiet session. There is no economic news to report, however between Europe (Greece passed its 2013 budget), earnings (homebuilders D.R. Horton Inc. (DHI) & Beazer Homes USA Inc. (BZH) will report before the open), and the fiscal cliff (compromise following last week’s election?), there is plenty to draw investor attention. Futures for the Dow Jones Industrial Average rose 29 points to 12,793, while those for the Standard & Poor’s 500 index gained 3.8 points to 1,379.50. Futures for the Nasdaq 100 index advanced 9.25 points to 2,589.75.
Equities posted modest gains on Friday, ending a terrible week of the major averages. The Dow Jones Industrial Average rose 4.07 points, or 0.03%, to end at 12,815.39. The S&P 500 climbed 2.34 points, or 0.2%, to end at 1,379.85. Technology led sector gains Friday, while utilities performed most poorly among the 10 industry groups. The Nasdaq Composite added 9.29 points, or 0.3%, to end at 2,904.87.
Currencies and Commodities
The dollar fell 0.10% at 79.4100 yen in the currency market. The euro is gaining 0.13% at $1.2727 while the pound is depreciating 0.08% to $1.5885. Gold is up $6.00 to $1,736.90, while silver is rising 0.31% at $32.70. Light, sweet crude for December is falling 23 cents to $85.84 per barrel on the NYMEX; a 0.27% decline.