The Joplin Globe, Joplin, MO

Business

June 23, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/tuesday.gif" border=0> Stock futures up modestly ahead of home sales data

(AP) — Investors are cautiously upbeat again after Monday’s big selloff.

Stock futures are edging higher early Tuesday ahead of the National Association of Realtors’ report on May sales of existing homes. Economists surveyed by Thomson Reuters predict an increase of 2.8 percent, which would be a sign the troubled housing market is starting to mend.

The market’s moves were modest, though, following the Dow’s 201-point loss Monday — the index’s worst daily drop in more than two months. Stocks fell Tuesday in Japan but were slightly higher by afternoon trading in Europe.

Later Tuesday, the Federal Reserve begins its two-day meeting on monetary policy. The Fed is widely expected to keep its key rate near zero, but investors are unsure how optimistic the policy makers will be in their economic assessment.

Another cause for caution is the Treasury Department’s afternoon auction of $60 billion in two-year notes. Any evidence that demand for government debt is waning could give investors a scare. Treasury demand needs to stay strong for the government to finance its bailout and stimulus programs without significantly raising yields; Treasury yields affect borrowing rates for consumers.

Before the market’s open, Dow Jones industrial average futures rose 16, or 0.2 percent, to 8,299. Standard & Poor’s 500 index futures rose 3.90, or 0.4 percent, to 892.50, and Nasdaq 100 index futures rose 4.00, or 0.3 percent, to 1,432.

Bond prices dipped in early trading Tuesday ahead of the afternoon auction. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.71 percent from 3.69 percent late Monday.

After selling off on Monday, crude oil was little changed, slipping 3 cents to $67.47 a barrel in premarket trading on the New York Mercantile Exchange.

The dollar was mixed against other major currencies. Gold prices rose.

Overseas, Japan’s Nikkei stock average sank 2.8 percent. In afternoon trading, Britain’s FTSE 100 rose 0.3 percent, Germany’s DAX index rose 0.8 percent, and France’s CAC-40 rose 0.1 percent.

Text Only
Business
Poll

Joplin City Manager Mark Rohr wants the city to distribute weather radios to all Joplin homes that don’t have one. That’s 11,000 radios. Do you think that’s a good use of $300,440?

Yes.
No.
     View Results
Facebook
Facebook
Poll

Joplin City Manager Mark Rohr wants the city to distribute weather radios to all Joplin homes that don’t have one. That’s 11,000 radios. Do you think that’s a good use of $300,440?

Yes.
No.
     View Results
Twitter Updates
Follow us on twitter
Follow me on Twitter
NDN Video
Obama Scraps Birth Control Mandate US Airmen's Killer Sentenced to Life in Germany Raw Video: Deadly Blasts in Syria Romney Slams President Obama at CPAC Gingrich: Pres. Obama 'waging War on Religion' Navy Names Ship for Gabrielle Giffords 5 Killed in Wrong-way Crash on I-10 in La. Denver's Largest-Ever Drug Bust Nets Dozens Marines: No Punishment for Nazi-like Flag Vets Look to Translate Military Skills Into Jobs Raw Video: School Bus Burst Into Flames LA School Reopens Amid Sex Abuse Scandal $25B Settlement Reached Over Foreclosure Abuses Pentagon: Allow Women Closer to Front Lines LA School in Sex Abuse Scandal Reopens Raw Video: Italy's Mount Etna Bursts Into Life Greeks March; Angry Despite Debt Deal Air Force Airlines: Leaders Get Polished Service Ga Girl Fights Off Kidnapper at Walmart Skip the Coffee Cup and Inhale Your Caffeine Fix
House Ads
Local News