News Story
Easing Fears About Dubai Crisis May Result In Higher Open On Wall Street
Tuesday December 01, 2009 08:42:00 EST
(RTTNews) - Stock futures are pointing to a higher opening Tuesday morning, as fears about the Dubai financial crisis are easing following news of restructuring talks between Dubai World and major banks. The major index futures are all in positive territory, with the Dow futures up by 66 points.
Traders will also look to a slew of economic data to guide trading, looking for further indicators on the state of economic recovery.
This morning, traders are likely to focus on the results of the Institute for Supply Management's national manufacturing survey for November, which are slated for release at 10:00 a.m. ET. Economists expect the index of activity in the sector to show a reading of 55.0, slightly lower than 55.7 recorded in October.
At the same time, the National Association of Realtors will release data on pending home sales for October. Economists expect a 0.5 percent drop in pending home sales for the month after an unexpected 6.1 percent surge in pending home sales in September.
October figures on construction spending from the Commerce Department, which are also on tap for 10:00 a.m. ET, may also garner some attention. Economists forecast a 0.4 percent decline in spending for the month after an unexpected 0.8 percent increase in September.
Traders will also be presented with the monthly sales numbers from various automakers, both domestic and foreign, for the month of November.
On the corporate front, General Electric (GE) announced that it has entered into an agreement with Vivendi SA whereby GE will acquire the 20 percent stake in NBC Universal held by Vivendi for a consideration of $5.8 billion. The successful completion of this deal with Vivendi will pave the way for GE to sell the controlling interest in NBC Universal to Comcast (CMCSA).
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