M A R K E T .. S N A P S H O T -- Investors look to nibble on stocks
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:52 AM ET Jun 13, 2001
NEW YORK (CBS.MW) -- Investors appear willing to dip their toes into the market Wednesday after pushing the broad stock averages into the plus column late Tuesday.
The swift -- and astounding -- late-day reversal late Tuesday allowed the Dow Industrials to overcome a triple-digit deficit while the Nasdaq ended flat after declining up to 3 percent early in the day.
The futures markets hinted at some modest buying interest developing in the tech arena. The September S&P 500 contract inched up 0.90 point, or 0.1 percent, and was trading about 0.70 point below fair value, according to HL Camp & Co. Nasdaq futures rose 13.00 points, or 0.7 percent.
Nokia (NOK), the wireless kingpin that jolted the market early in Tuesday's trading session on the back of a second-quarter profit warning, saw its shares recover a tad and rose in European trading.
In the government arena, prices found some buyers.
The 10-year Treasury note was up 1/32 to yield ($TNX) 5.25 percent and the 30-year government bond gained 1/8 to yield ($TYX) 5.645 percent.
The economic calendar finally kicks into gear after a couple of somnolent sessions. On Wednesday's agenda is the release of May retail sales, expected to edge up 0.2 percent, as well as the May import and export price indexes.
In addition, the Federal Reserve's Beige Book report on economic conditions will be unleashed late in the trading day. View Economic Preview and economic calendar and forecasts.
In the currency space, dollar/yen gained 0.5 percent to 122.16 while euro/dollar edged up 0.1 percent to 0.8539. |
