Stock futures point to higher Wall Street open
Published: August 18, 2009
Updated: August 18, 2009
U.S. stocks are poised to join a worldwide rebound from yesterday’s big selloff.
Stock index futures are moderately higher today, following the lead of overseas markets that are rising in part on upbeat economic news from Germany. A research institute has reported that consumer confidence is rising in the country, Europe’s largest economy.
However, there is still much uncertainty in the U.S., where retailers are reporting earnings results that show American consumers are still wary. Home Depot Inc. has issued its second-quarter results, joining other retailers in reporting a drop in its sales.
Stocks fell sharply and bond prices soared yesterday on growing fears that nervous consumers won’t be able to spend enough to lift the economy into recovery.
Dow Jones industrial average futures are up 56, 0.6 percent, at 9,176. Standard & Poor’s 500 index futures are up 6.50, or 0.7 percent, at 984.80, while Nasdaq 100 index futures are up 11.50, or 0.7 percent, at 1,577.75.
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Reader Reactions
“...consumers won’t be able to spend enough to lift the economy into recovery.“ Isn’t that what got us into this mess to begin with??? They don’t have any money left to spend - they spent it all plus their future earnings by overextending themselves and buying houses, cars, vacations, etc. that they couldn’t afford in the first place. Food, housing, utilities are all they can spend their money on these days - and some are having a very hard time doing even that. How much “stuff” does a person need anyway? Need vs. want - that’s what people should be thinking and living. No one has ever been able to spend their way out of debt.
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