Stocks are higher this morning, trying to rebound from a selloff
earlier in the week.
S&P 500 futures are at their highs of the session, up about
one-third of a percent, following gains of a similar magnitude in
Europe. Asia was mostly positive in the overnight session as a
weaker Japanese yen lifted the Nikkei almost 1 percent. India's
Sensex rallied more than 2 percent after the country's central bank
announced measures to halt the rupee's recent slide.
The S&P 500 has been pulling back during August as investors
take profits after an eight-month rally drove the index to new
record highs. It seesawed in a range yesterday, attempting to hold
its ground after concerns about conflict with Syria triggered a 1.4
percent drop on Tuesday.
There are few major reports on the economic calendar before the
long Labor Day weekend. The Commerce Department is expected to
revise its second-quarter gross domestic product estimate higher
and the Labor Department will report weekly jobless claims. Both
headlines come at 8:30 a.m. ET. Next week's calendar is much more
active, with manufacturing data from the China, the United States
and Europe, plus key employment numbers.
Energy has been the strongest sector over the last week as
investors focus on the Syrian news and an improving global economy.
Utilities have also benefited while financials have lagged.
Commodities are mostly lower today, led by declines of almost 1
percent in the price of oil. Precious metals are down by more than
half a percent, while copper is posting a smaller drop.
Dollar strength is a theme again in foreign-exchange markets as the
greenback advances against both the euro and the Japanese yen.
In company-specific news, apparel stock Guess is sharply higher
after earnings and sales beat expectations. Telecom giants Verizon
Communications and Vodafone are also up by more than 5 percent amid
news the British company may agree to sell its 45 percent stake in
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