M A R K E T .. S N A P S H O T -- U.S. stocks to take a break
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:53 AM ET Nov 7, 2001
NEW YORK (CBS.MW) -- After two sessions of smashing gains, the stock averages are looking to take a break on Wednesday, with the futures markets pointing to some selling pressure for the open.
The Dow Industrials has closed higher for four straight sessions and is just 14 points from reaching its Sept. 10 close. All the other major averages are trading above their pre-Sept. 11 levels.
December S&P 500 futures gave up 7.50 points, or 0.7 percent, and were trading about 6.60 points below fair value, according to HL Camp & Co. And Nasdaq futures lost 21.50 points, or 1.4 percent while the Dow Jones Indicative Index ascended 31 points, or 0.3 percent, to 9,622.
Tech stocks lost ground in early pre-open action. Dow stock Hewlett-Packard (HWP), which ran up over 17 percent on Tuesday, shed 52 cents to $19.19. The surge was provoked by news that members of the Hewlett family would vote against the proposed merger with Compaq Computer. Early Wednesday, eight members of H-P's nine-member board said in a statement that they remained "enthusiastic" supporters of the company's planned acquisition of Compaq.
In the Treasury arena, prices continued to tack on gains in the aftermath of the Fed's move.
The 10-year Treasury note was up 9/32 to yield ($TNX) 4.22 percent while the 30-year government bond gained 1/2 to yield ($TYX) 4.81 percent.
Wednesday will see the release of the September wholesale trade numbers, September consumer credit and the third-quarter productivity figures. The latter is seen rising by 2 percent vs. the previous 2.1 percent advance. Check economic calendar and forecasts.
In the currency sector, the dollar erased 0.3 percent to 120.87 yen while the euro climbed 1.0 percent to 90.26 cents.
-------------------------------------------------------------------------------- |
