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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Jim Willie CB who wrote (45511)12/21/2001 8:11:07 AM
From: Dealer  Read Replies (1) of 65232
 
M A R K E T .. S N A P S H O T -- Stocks look to recoup lost ground
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:42 AM ET Dec 21, 2001

NEW YORK (CBS.MW) -- The equity market is looking to regain some lost ground once trading begins on Friday in a week that has been punctuated by earnings warnings and fears that the crisis unfolding in Argentina will have broader repercussions in Latin America.

The futures markets signaled upside action for stocks: the March S&P 500 futures climbed 4.70 points, or 0.4 percent, and was trading about 5.40 points above fair value, according to HL Camp & Co. Nasdaq futures added 12.50 points, or 0.8 percent.

A key economic report on Friday's agenda is personal spending, which will allow investors to gauge just how sanguine the U.S. consumer was last month. November personal income is seen rising 0.2 percent while personal consumption expenditures are expected to have declined 0.8 percent.

Also due out: the final revision to third-quarter gross domestic product and the Michigan Consumer Sentiment Index. Check economic calendar and forecasts.

Treasury bonds were lower as they anticipated an upswing in equity prices.

The 10-year Treasury note was off 6/32 to yield ($TNX) 5.06 percent while the 30-year government bond shaved 11/32 to yield ($TYX) 5.44 percent.

In the currency sector, the dollar put on 0.5 percent to 129.55 yen while the euro slipped 0.5 percent to 89.36 cents.

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