Credit: Shutterstock photoStock futures are pointing higher after central bankers turn on the printing presses.
The Dow Jones Industrial Average, S&P 500, and Nasdaq are up 0.1 percent to 0.2 percent, following gains of about one-half a percent in Germany and France. The moves came after European banks gobbled up more than $700 billion of cheap loans from the European Central Bank.
Markets will remain on central-bank watch today as Federal Open Market Committee member Richard Fisher and Fed Chairman Ben Bernanke make separate appearances at 9:30 a.m. and 10 a.m. ET respectively.
Stocks rallied overnight in Asia as investors continue to price in a better global economy, led by the trade-sensitive countries of China and Singapore.
Commodities and currencies painted a mostly bullish picture as well. Oil and copper are up about one-half of a percent, followed by slight gains for silver and platinum. Agricultural foodstuffs are mixed.
Commodity-related currencies such as the Australian and Canadian dollar also rallied against the greenback, reflecting bullishness toward materials and economic growth. The euro is edging lower while the yen advances slightly, indicating some risk aversion. However, given that the euro has been strong and the yen weak, today's slight reversal may be nothing more than consolidation before bullishness returns.
In company-specific news, First Solar dropped about 7 percent after reporting fourth-quarter profit of $1.26 a share--well below the $1.53 average analyst estimate. Management also cut guidance and reported that customers were starting to complain about faulty solar panels.
Collective Brands reported a fourth-quarter loss of $0.61, narrower than the $0.82 expected by analysts. Sales at the footwear company, which operates Payless ShoeSource, were also well above consensus, sending PSS higher by more than 4 percent.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
