Monday August 16, 5:47 pm Eastern Time
U.S. stock index futures end higher, await CPI
CHICAGO, Aug 16 (Reuters) - U.S. stock index futures jumped late and ended higher in overall light trade ahead of key U.S. corporate earnings and domestic economic data, traders said.
September Standard & Poor's 500s faded to a daily low in midafternoon, then popped up late on large size dealer buying in thin conditions and settled 6.50 points higher at 1,339.40.
Profit-taking after Friday's sharp gains kept September S&Ps in check for the most part, but the market also lacked downside follow-through on low volume pullbacks, traders said.
The contract held when it needed to, just below support at 1,327, a short-term technician said. September S&Ps caught a mini-fire once they retook 1,327 and Hewlett-Packard Co.'s strong earnings propped the contract late.
''I didn't think they could bring them back like they did with the soft bond close,'' the trader said. ''Hewlett-Packard goosed us the last four or five points.''
Hewlett-Packard reported $0.85 per share earnings after the New York close, beating street estimates of $0.80 per share. The computing group also said it sees good momentum in Asia.
The dealer buying in a ''razor-thin'' market exaggerated the gains and suggests little for Tuesday's session, traders said.
''The two- to three-day trend is still up,'' another trader said. ''It is not a pretty up, but it is still up.''
September S&Ps resistance is seen from 1,337 to 1,342 and from 13,51 to 1,352, traders said.
Traders said the market will focus on July U.S. consumer price data and Dell Computer Corp. earnings on Tuesday.
July CPI at 0730 CDT/1230 GMT is seen up 0.3 percent overall and up 0.2 percent excluding volatile food and energy costs, according to a Reuters poll of economists.
At settlement, September S&Ps were up 6.50 points at 1,339.40, CBOT Dow contracts up 79 at 11,095, CME Nikkeis up 235 at 17,895, Nasdaq 100s up 20.50 at 2,338.50, Russell 2000s up 0.55 at 434.55 and Midcap 400s up 0.25 at 402.25.
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