More pre-holiday cheer on Wall Street
By CNNMoney.com staff December 23, 2009: 5:15 AM ET
NEW YORK (CNNMoney.com) -- Stocks were poised to open higher Wednesday, continuing a positive week leading up to the Christmas holiday, as investors look ahead to reports on income and home sales.
Dow Jones industrial average, Nasdaq-100 and S&P-500
futures were higher. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Stocks rallied for a third day
Tuesday, with the Dow and S&P 500 ending just below 14-month highs, after two economic reports fueled optimism.
The National Association of Realtors said sales of existing homes
rose 7.4% on an annual basis in November and the government released its final revision of
third-quarter gross domestic product, which said the broadest measure of U.S. economic activity rose at a 2.2% annual rate.
Economy: Government figures on personal income and spending in November will be released at 8:30 a.m. ET.
Economists surveyed by Briefing.com predicted a 0.5% increase in personal income, while spending is expected to be unchanged from the previous month.
A day after a surprisingly strong report on existing home, the government's report on November new home sales will be released at 10 a.m. ET. Economists expect the annual sales rate to rise to 438,000 from 430,000 a month earlier.
World markets: Asian markets closed higher, with Hong Kong's Hang Seng index up more than 1%; Tokyo was closed for a holiday. European indexes were higher in early trading.
Currency and commodities: The dollar was little changed against the euro and the yen, and up against the pound.
Crude oil for February delivery rose 38 cents to $74.78 a barrel. The government's weekly crude oil supply report is due at 10:30 a.m. ET.
Gold for February delivery eased $2.90 to $1,083.80 per ounce.